patrick njoroge : transforming kenya ’ s financial sector speech by dr patrick njoroge, governor of the central bank of kenya, at the launch of barclays centennial celebrations, nairobi, 12 february 2016. * * * good morning! i am honoured by your invitation to witness this epic milestone. today i proudly join barclays bank of kenya ( bbk ) in celebrating 100 years in kenya, a century of transformative contribution to the financial sector. it is indeed no mean feat and i congratulate you on this historic occasion. i envision the courage and tenacity of your founders on nkrumah road in mombasa, armed with no more than capital and belief in the promise of this then remote frontier territory with rudimentary links to the rest of the world. this celebration is indeed a vindication of the faith and vision of those pioneers, from which later generations have benefitted enormously. over these 100 years, the world has changed, kenya has changed, and barclays has changed. from an enterprise largely geared towards serving the interests of the british colonial settlers, barclays has grown into a modern and integrated financial services provider. in your middle age during the 1960s, you witnessed kenya take its initial steps towards self - determination and eventual independence. today, you serve a wide clientele through products and services that exemplify innovation and support the kenyan entrepreneurial spirit. at end - 2015, barclays was ranked fifth out of 42 banks, with a market share of 6. 83 percent. today the bank has more than 100 branches and 180 agents through strategic partnerships. these indicators capture the long and winding path that barclays has traversed from its beginnings a century ago. i salute the board, management, staff and indeed all barclays ’ customers, for these remarkable achievements. to survive and thrive, barclays has had to cope with global turmoil and numerous shocks. when your founders landed in kenya, the first world war was raging, and the second war would break out 23 years later. more recently, we have had to deal with the global financial crisis, refugees, and terrorism. but the world has also shrunk with globalization and advances in technology. when barclays opened its first office, the wright brothers had flown the first powered airplane in 1903, but the first non - stop transatlantic flight was still more than 10 years away. since then, we have broken the speed of sound, put a man on the moon, and landed a robot on a comet

ewald nowotny : the future of monetary policy text of the joint vienna institute lecture by prof dr ewald nowotny, governor of the central bank of the republic of austria, vienna, 24 september 2013. * * * the financial crisis that flared up in 2008 and whose consequences continue to hold the world in its grip has severely tested the consensus on monetary policy as it existed prior to 2008. soon after the onset of the crisis central banks pushed existing tools to their limits and adopted new types of measures that went far beyond what had been thinkable a few years ago. to some extent the scale of the new policies just reflected the scale of the shock that had hit the economies. in this sense the measures can be considered temporary, one - off extreme actions taken in reaction to an extreme, one - off crisis event. however, the crisis has also put serious doubts on some of the basic tenets of monetary policy held before 2008. while there is still no new consensus around, it is clear that our thinking about how the economy works and the proper role of monetary policy has changed. this means that even after the acute phase of the current crisis is over, banks have been stabilized, public finances are back in order, unemployment has declined and growth has resumed, which may still be well far in the future, monetary policy will not return to the ways from before 2008. monetary policy therefore faces a double challenge. in the short run stability has to be restored while in the long term an enduring framework has to be established that is capable of preventing the recurrence of a crisis as the one seen in 2008. both the immediate and the longer - term future of monetary policy will be the topic of this paper. the first section focuses on the policies adopted by central banks in the wake of the crisis. the second section discusses the exit from these policies and the associated challenges. finally, the concluding section provides an outlook on the possible long - term design of monetary policy. challenges to pre - crisis thinking before discussing the policies that central banks have recently adopted, it might be useful to recapitulate the way monetary policy had been thought about before 2008. in the decades leading up to the financial crisis, hand in hand with globalization, the opening of markets for goods, financial services and capital, economic models converged and so did monetary policy. the key elements of the consensus were ( 1 ) that central banks should focus on one primary objective, i. e. price stability, and ( 2