Tukiya Kankasa-Mabula: Dissemination of results of baseline survey – framework for collection of sex-disaggregated data Speech by Dr Tukiya Kankasa-Mabula, Deputy Governor (Administration) of the Bank of Zambia, at the Stakeholders’ Workshop, Lusaka, 2 May 2019. * * *  Salutations: The Chief Executive Officers of Commercial Banks and Non-Bank Financial Institutions The Chief Executive Officer – Rural Finance Expansion Programme (RUFEP) The Chief Executive Officer – Financial Sector Deepening Zambia The Chief Executive Officer – United Nations Capital Development Fund (UNCDF) The Representative -The World Bank Country Office The Representative – United Nations Development Programme (UNDP) The Representative – African Development Bank (AfDB) The Representative – Bankers Association of Zambia The Representatives of various Government Ministries The Representative – Zambia Institute of Banking and Financial Services The Representative – Pensions and Insurance Authority (PIA) The Representative – Securities and Exchange Commission (SEC Captains of Industry; Distinguished Invited Guests; Members of the Press; and Ladies and Gentlemen. Let me begin by welcoming you all to this workshop on the dissemination of the results of the Baseline Survey on the Supply – Side Sex Disaggregated data conducted in the last quarter of 2018. At the same time, I wish to thank the Alliance for Financial Inclusion, Rural Finance Expansion Programme and the Financial Sector Deepening Zambia for supporting the development and implementation of a framework for collection of supply-side sex-disaggregated data from regulated financial service providers.

Lorenzo Bini Smaghi: Could monetary policy have helped prevent the financial crisis? Speech by Mr Lorenzo Bini Smaghi, Member of the Executive Board of the European Central Bank, at the Workshop on “Monetary policy: Recent experience and future directions”, Bank of Canada, Toronto, 9 April 2010. The original speech, which contains the graphs and various links to the documents mentioned, can be found on the ECB’s website. *  *  *  I wish to thank José Luis Peydró-Alcalde and Huw Pill for their contribution to preparing the speech. I remain sole responsible for the opinions. Introduction There is a broad consensus that the financial crisis has been caused by several factors, such as: failures in financial regulation and supervision; structural changes in the financial sector, including the increased importance of the shadow banking system and securitisation; and global macro-economic imbalances. These factors, together with widespread financial market integration, which in turn creates greater scope for contagion, have been particularly relevant even in countries where credit growth was relatively contained and real estate did not experience a boom. There is much less consensus on whether monetary policy could have helped prevent the financial crisis, or, more provocatively, on whether errant monetary policy caused the financial crisis. These are uncomfortable questions for central bankers – but ones we cannot avoid. Only by confronting such challenges honestly can we hope to understand the crisis, and thereby guard against its repetition. Some take the view that monetary policy played, at most, only a marginal role.