In this regard, I wish to urge all stakeholders in the financial ecosystem to collaborate and contribute to the financial inclusion agenda through the development of appropriate infrastructure, provision of affordable customer centric products, delivery of financial literacy and promotion of consumer protection for the underserved population, particularly in rural areas. Invited Guests, it is important to note that as part of the implementation of the National Strategy for Financial Education, the Financial Literacy Awards are held in October every year to recognize efforts made by individuals and institutions to reach out to the public through financial literacy awareness initiatives. I therefore encourage you to submit your financial literacy activities and initiatives to the Financial Literacy Working group for consideration for this year's awards. In conclusion, I would like to thank the Working Group under the National Strategy on Financial Education Phase II for the organization of the Financial Literacy Week. In particular, the Ministry of Finance and National Planning Financial Education Team, financial sector regulators, (Pensions and Insurance Authority and the Securities and  3/4  BIS - Central bankers' speeches  Exchange Commission), the Bankers Association of Zambia, our collaborating partners DSIK (the German Sparkassenstiftung) Zambia, Financial Sector Deepening Zambia and all other stakeholders who have continued to support the Financial Literacy Week commemorations every year. The Bank of Zambia remains committed to supporting this national event and we encourage all financial institutions and stakeholders to participate in the FLW activities across the country. MAY GOD BLESS US ALL.

At the other, some countries have opted for full insulation from exchange rate fluctuations by renouncing monetary independence. Consequences of the new international monetary order What are the consequences of this new international monetary order? The first positive consequence is undoubtedly the increased stability of the international monetary system. Indeed, one of the paradoxes of our times is that the apparent disorder of today is far more stable than the apparently ordered system of the past. In the presence of high capital mobility, the two most resilient exchange rate regimes are those that today dominate the planet: very flexible regimes and very hard pegs. The move away from intermediate regimes has reduced the probability of costly financial crisis. Thus the priority given by central banks to price stability and the abandonment of the exchange rate anchor has resulted in more – rather than less – foreign exchange stability. Evidence of this are recent potentially destabilising events, like the recent war in Lebanon, which have passed without major international financial turmoil. This brings me to the new division of labour between private and public agents that I mentioned in the introduction. The increased stability is based on a new contract between society and monetary authorities: Those countries that, like Switzerland, have chosen the flexible exchange rate regime, base the success of their monetary policy on the credibility and transparency of their central banks. We are no longer – thankfully – attempting to construct a kind of Maginot line to contain international capital flows.