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It's a great pleasure for me to welcome you once again to the Per Jacobsson Lecture. My name is Guillermo Ortiz. I am Chairman of the Per Jacobsson Foundation, and somewhere around here is Kate Langdon, who is the Vice President and Secretary of the Foundation. Where are you, Kate? There you are. Okay. Today I have the honor of presenting Stanley Fischer as the speaker for this occasion, with a lecture entitled "The Federal Reserve and the Global Economy." This is a subject of huge importance, particularly at this juncture. We all know that the mandate of the Fed is essentially domestic even if the spillover effects of its decisions are global. It's also a fact that the dollar remains the currency of the world. So to what extent does the Fed take into account international spillovers when it is considering its monetary policy decisions? Well, this is a subject that Stan has chosen for his lecture, and I think that everybody would agree with me that it's an extremely important topic.