Mr Chairman, it is pleasing to note that the SADC Information and Communications Technology (ICT) Forum will this year be hosting its 13th Annual conference in Livingstone, Zambia. Bank of Zambia, is therefore pleased to join other sister Central Banks who have previously hosted this Annual Conference. Distinguished Delegates, as you are all aware, Information and Communications Technology (ICT) plays a strategic role in the day to day operations in all our Central Banks. The rapid evolution of ICT, which is generally called the “ICT revolution”, has been exerting a profound impact on the world’s economies. As we all can acknowledge, technological innovation has brought about the speedy processing and transmission of information, resulting in substantial reduction in costs, wider networking, and globalization on an unprecedented scale and scope. Distinguished Delegates, the central banks within the SADC region have registered significant developments and advances in the areas of Payment Systems, Website development, and Banking Supervision Application, just to mention a few projects emanating from the SADC ICT Forum initiatives. These projects have been possible and successfully implemented largely due to the co-operation and collaboration that exists between the Central Banks in the region. The issues that will be discussed at this Conference are very important in the context of the realization of some of the key objectives of our central banks that can only be achieved through sound implementation of the ICT solutions. This Conference, therefore, offers all of us various opportunities to effectively contribute to positive developments of our central banks.

Christian Noyer: International financial stability Keynote address by Mr Christian Noyer, Governor of the Bank of France and Chairman of the Board of Directors of the Bank for International Settlements, at the International ParisEuroplace Financial Forum, Tokyo, 29 November 2010. *  *  *  Although the financial crisis originated in one country, it quickly became apparent that it was truly global in nature. It brought home a simple message: capital markets are closely interlinked around the world and, thus, domestic and international financial stability cannot be dissociated. They really are two sides of the same coin. Today, I would like to reflect upon international financial stability. The views expressed are my own but, as you know, France now holds the Presidency of the G20 and I will try to put my own thoughts in that perspective. International financial instability has increased over the last period. Whether we look at exchange rates, international capital flows or commodity prices, signs abound of more intense volatility. Volatility may not necessarily be a bad thing. To some extent, it is a sign of well functioning financial markets. Movements in asset prices help the financial system to serve as a cushion, an “absorber” for exogenous economic shocks. This is welfare improving since it avoids, or mitigates, adjustment in more rigid goods or labor markets. Volatility may also be driven by fundamentals. For instance, capital inflows to emerging economies partly reflect very favorable long term growth prospects and high potential returns on capital.