9th annual general meeting of ghana association of savings and loans companies address by mrs. elsie addo awazdi second deputy governor bank of ghana the coconut groove regency hotel, ridge, accra june 20, 2019 mr. chairman, executives of the ghana association of savings and loans companies ( ghasalc ), ceos / managing directors of member institutions, and other financial institutions, executives of other industry associations, invited guests, distinguished ladies and gentlemen, 1. good morning and thank you for the opportunity to join you at this 9th annual general meeting of the ghasalc. almost a decade after its establishment, this association has become a recognised voice for its member institutions, and we at the bank of ghana always welcome the opportunity to dialogue with ghasalc and its membership. 2. the chosen theme “ business sustainability : a shared responsibility ” could not be more appropriate in the times we are in. sustainability of businesses is critical, if we are going to achieve the socio - economic growth we need to move this country forward. savings and loans companies, like other deposittaking institutions, exist to intermediate savings in order that businesses and other economic actors can obtain access to much - needed funds to meet their legitimate needs. savings and loans companies are therefore a major enabler of sustainable businesses and must understand how this role, if well played, can provide a boost for overall socio - economic growth and development. what is more, i need not remind you that savings and loans companies are themselves businesses and must therefore be sustainable in order to be able to support their customers and the entire economy. as a nation, the future of our economy and the wellbeing of our people depends to a large extent on the safety and soundness of individual financial institutions, and by extension, the sustainability of the whole sector. it is therefore imperative that we stakeholders work together towards building strong and sustainable financial institutions for our common good as a people. 3. we have unfortunately seen the recent demise of a number of banks and microfinance institutions, owing to weak capitalisation, unsustainable business models, poor corporate governance, poor compliance with regulatory requirements, default on contractual obligations, among others, that ultimately led to their insolvency and eventual collapse. let me be clear that businesses fail for all kinds of reasons, but the weaknesses i have outlined above undoubtedly leave any business vulnerable and unable to withstand shocks, making collapse inevitable. indeed, several corporate failures around the world have been associated with weak compliance.

ernst welteke : reforming europe closing remarks by mr ernst welteke, president of the deutsche bundesbank, at the european banking congress, frankfurt, 21 november 2003. * 1. * * introduction delivering closing remarks at the end of an inspiring day is a curse and a blessing at the same time. on the one hand, the final speaker faces the problem that everything has already been said. on the other hand, it is a feature of human nature to remember best what one heard last. i will try to exploit the latter by widening the perspective and commenting on a few overarching issues. 2. a constitution for the european union a fully developed european identity is evolving only slowly. it may receive an additional boost from the european constitutional process. i am a strong proponent of the european constitution. however, i have some objections to articles concerning the foundations of european monetary union. the constitution was drafted under a consensus that no changes of substance were to be made to the monetary framework. while the changes now envisaged look fairly small, they make a difference. as nobody can surely want to endanger the stability of the single currency, the intergovernmental conference must redraft the articles in question so as to preserve the tried and tested status quo - if they decide to renegotiate the draft. i am well aware of the difficulties of reopening the negotiations, and especially of finalising them again. i regard three issues as crucial : 1. article i - 3 of the draft constitution mentions “ balanced growth ” as one of the objectives of the european union, whereas the wording “ non - inflationary growth ” has been in the treaty up to now. price stability must not be dropped from the list of objectives of the eu. 2. the independence of the monetary authorities is a defining feature of european monetary union. therefore, the constitution must guarantee the independence not only of the ecb but also of the national central banks. article i - 29 of the draft must be amended accordingly. a second - rate independence of the national central banks, that is independence guaranteed by national laws only but not by the constitution, is not acceptable. 3. the unique status of the ecb as an institution “ sui generis ” is given up in the draft constitution. this reclassification may open the door to assigning objectives other than price stability to the ecb. the mere possibility of the ecb being forced to abandon its crystal - clear stability orientation might be