A decade ago, central banks were the only game in town and monetary medicine was the right prescription. A decade on, the game has changed and so too might the policy prescription needed in dealing with any downturn. When the challenges, as well as the huge opportunities, lie on the supply-side of the economy, the right medical prescription is fiscal and structural policies. Super-charging the supply-side of the economy is what is now needed. That is every bit as true here in Scunthorpe as it is elsewhere across the UK. 32 33  See https://decisionmakerpanel.co.uk/ and Bloom et al (2017) for information about the DMP dataset. Economically active individuals aged 16-30 as a share of economically active population. 33  All speeches are available online at www.bankofengland.co.uk/speeches  33  References Abel, W, Tenreyro, S and Thwaites, G (2018), ‘Monopsony in the UK’, 10 October 2018, available online. Allen, F and Gale, D (2000), “Financial Contagion”, Journal of Political Economy, Vol. 108, No. 1, pp. 1- 33. Autor, D (2014), ‘Education, and the Rise of Earnings Inequality Among the “Other 99 Percent”, Science, 23 May 2014, pp. 843-851. Autor, D (2017), ‘Economic and political consequences of China’s rise for the United States: lessons from the China shock’, IFS Annual Lecture 2017, 22 June 2017. Baldwin, R (2016), The Great Convergence: Information Technology and the New Globalization, Harvard University Press. Bernard, A, Van Beveren, I and Vandenbussche, H (2014), ‘Multi-product exporters and the margins of trade’, The Japanese Economic Review, Vol. 65, No. 2, pp. 142-157.

Caleb M Fundanga: Bank of Zambia Risk Management Framework Opening remarks by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the Risk Management Framework Sensitisation Workshop for Board of Directors, Chisamba, 24-26 November 2006. *  *  *  • Chairperson • Directors • Ladies and Gentlemen I wish to welcome you all to the first in the series of the Risk Management Framework Sensitisation Workshops organised by the Risk Management Department. As the Directors are, no doubt aware, the Board approved the establishment of a Risk Management function at the Bank of Zambia in February 2006. Following this approval, the Risk Management department was created to, among other duties, coordinate Bank-wide risk management activities, for which Heads of Departments remain primarily responsible. In this regard, my vision is to move the Bank to a position where risk management becomes our way of doing things. This workshop, therefore, is one critical step towards achieving this vision. Directors would agree with me that Risk Management has always been part and parcel of the financial sector, and as financial industry authorities, central banks are no exception to this. The increasing pace of globalisation, largely, on account of advancements in Information and Communication Technologies (ICT), has provided an added impetus for institutions to strengthen their governance structures, including implementing enterprise-wide risk management strategies. It is for this reason, therefore, that the Bank, like other world-class central banks, decided to position itself, in this fast-changing financial landscape, by incorporating risk management in its operations.