anand sinha : financial regulatory reforms – not far enough or overkill opening remarks by mr anand sinha, deputy governor of the reserve bank of india, at the panel discussion on “ financial regulatory reforms – not far enough or overkill ” as part of the event “ global economic cooperation – views from g20 countries ”, organized by the indian council for research on international economic relations ( icrier ), new delhi, 7 – 9 october 2012. * * * a very good afternoon to you all. it is my privilege to chair the panel on “ financial regulatory reforms : not far enough or overkill? ” let me welcome the four very eminent panelists, mr jae - ha park, deputy dean adbi ; mr stephen pickford, associate fellow, chatham house ; mr paul bernd spahn, professor emeritus of goethe university, frankfurt am main, germany and ms susan thomas, assistant professor, indira gandhi institute of development research. the topic of the panel discussion is a subject of heated debate around the globe and i hope our discussions today would help set a balanced perspective on the issue involved. let me first try and flag the major issues and present both sides of the argument, without expressing my views at this stage. regulatory reforms undertaken as a policy response to the crisis have generated as serious a debate as the crisis itself. the crisis is still continuing and is unprecedented in terms of its coverage, impact and longevity. the policy response to the crisis, too, has been quite extensive and as some would say, onerous. going by the newton ’ s third law of motion ( every action has an equal and opposite reaction ), it is fair to expect that reaction ( policy response to the crisis ) matches action ( the crisis ), in magnitude. many, however, hold the view that this law has been violated inasmuch as the policy reaction is a case of overkill. the crisis has highlighted many gaps in the conceptual framework. some of the gaps are : the notion that macroeconomic stability ensures financial stability ; light touch regulation and supervision are adequate because financial markets are sophisticated and efficient, which can distribute risks to those who can handle these risks ; risk models measure risk accurately and all financial innovations are useful, etc. serious gaps have also emerged in macroeconomic modelling and, above all, in the understanding or lack of understanding of systemic risk and how to deal with it. the crisis has challenged the intellectual foundations of macroeconomic and financial policy making. new theories have been written debunk

bank of uganda remarks by louis kasekende ( phd ) deputy governor, bank of uganda at the 9th annual uganda top 100 mid - sized companies ’ awards - gala dinner hotel africana, kampala november 10, 2017 executive director, uganda investment authority country leader, kpmg uganda md of monitor publications md of dfcu bank ceos / mds of icea general insurance, vodafone & south african airways invited guests, ladies and gentlemen, let me begin by thanking kpmg for inviting me to this gala award dinner for the top 100 mid - sized companies in uganda and also to commend both kpmg east africa and the nation media group / monitor publications for this laudable initiative. it is laudable because this section of the business community – the mid - sized companies – is crucial for the future growth and development of our economy, as i will explain in my remarks tonight. the top 100 mid - sized companies will not only offer recognition to outstanding corporate achievements but also provide valuable information about this section of our economy. the main reason why mid - sized companies are so important for economic development is their productivity. sustainable increases in the per capita incomes of a country require sustained growth in labour productivity. uganda cannot hope to reach middle income status without a very substantial rise in labour productivity. in a developing country like uganda, the main source of labour productivity growth is the modern business sector, for reasons i will discuss shortly. the modern business sector in many respects is conterminous with medium sized and large companies. in uganda, there are few large companies, so the modern business sector of our economy mainly comprises mid - sized companies. the bank of uganda ’ s annual private sector investment survey ( psis ) provides valuable information on this sector of our economy. the 2016 psis ( which is available on our website – www. bou. or. ug ) provides data derived from 630 companies which responded to a questionnaire ; and these companies comprise the majority of the largest companies in uganda. more than 70 percent of the companies covered by the psis had an annual turnover within the thresholds for defining a mid - size company for the purposes of the kpmg gala awards ; i. e. a turnover of between shs 360 million and shs 25 billion. the data in the psis enables us to estimate the average labour productivity, defined as value added per worker, of the sampled 630 companies. in 2015 this amounted to shs 38