emmanuel tumusiime - mutebile : introduction of a chogm commemorative banknote in uganda address by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, at the press conference for the official launch of the chogm commemorative shs 10, 000 banknote, bank of uganda, kampala, 20 november 2007. * * * i am pleased to inform you the bank of uganda decided to issue a shs 10, 000 chogm commemorative banknote on november 20, 2007 to celebrate and mark uganda ’ s hosting of the commonwealth heads of government meeting to be held in kampala november 2325, 2007. central banks worldwide issue commemorative coins and notes to mark important events of national and international interest. in this regard, the bank has in the past issued the following commemorative coins : 1. fao 1968 coin to mark the united nations world food day with the theme ‘ produce more food ’ 2. pope paul vi coin issued in 1969 to commemorate the pope ’ s visit to uganda. 3. international year of the disabled persons coin issued in 1981to educate the public about the rights, talents and needs of the disabled throughout the world. 4. bank of uganda 20 years of service coin issued1986 to mark bou ’ s 20 years of service. 5. the bank of uganda 40th anniversary commemorative coin issued in august 2006. issuing the chogm banknote will be the first time the bank of uganda is issuing a commemorative banknote. the commemorative shs10, 000 banknote, unlike the previous commemorative coins will be a circulation and transaction banknote. it will circulate side by side with the existing banknotes and coins. it has however been issued in limited quantities and is a one time issue. immediately after this launch, the bank of uganda will distribute the commemorative banknotes to commercial banks for issue to customers in the normal course of business. the commemorative banknote will be issued in limited quantities and, therefore banks and financial institutions have been requested to issue the chogm banknotes randomly to customers together with other circulation notes using the atms and in the banking halls. banks shall accept exchange of existing bank notes and coins for the chogm banknote and vice versa. let me now turn to the features of the shs10, 000 chogm commemorative banknote. as you can see from the publicity materials and samples, the chogm banknote is similar to the current shs 10, 000 banknote in dominant colors gradations

global level, the persistence of international imbalances ( if left unaddressed ) will continue to render the system vulnerable to crises. policy - makers thus need to recognise the fact that the interconnected nature of today ’ s world economy requires a different way of see https : / / www. imf. org / external / np / pdr / surv / 2008 / index. htm see “ reinforcing economic governance in the euro area ”, http : / / www. ecb. int / pub / pdf / other / reinforcingeconomicgovernanceintheeuroareaen. pdf addressing policies as well as a stronger role for cooperation. a system in which some policy - makers accept a degree of “ intrusion ” into their policies as a quid pro quo for intruding into the policies of others, with externalities being internalised in domestic policy - making for the greater public good of global economic and financial stability. 4. conclusions let me conclude with some general observations on international policy cooperation. there is often a divide between theory and practice when discussing this issue. in theory, it is not difficult to demonstrate that international cooperation, by which countries internalise the external impact of their actions, and that of the others, before taking decisions, and subject themselves to international agreements, produces pareto superior solutions. in practice, however, national policy - makers rarely subject their policies to international considerations and tend to take decisions purely with domestic interests in mind. global problems require global and coordinated responses but, as the saying goes, “ all politics is local ” and thus decisions are often taken in a partial equilibrium context. how can we reconcile this dilemma? one way is to learn from experience. the recent crisis is largely a result of policy decisions which were taken without giving due consideration to the broader international environment and which frequently had very short - term objectives. there was no shortage of warnings. the multilateral consultation process, which involved five large economies in the context of the imf in 2006 – 08 – in which both china and the euro area participated – pointed to the risk produced by growing imbalances and tried to focus the attention of policy - makers on longerterm policies necessary for achieving sustainable and balanced growth. however, little attention was given to these recommendations because there was no sense of urgency. the respective economies were still growing and there were no signs of crisis. the same applies today : as the world is gradually recovering from the crisis, the focus seems to