multicountry context. my view is that releasing a more complete account of the main arguments considered in our monetary policy deliberations, in a non - attributed form, will on balance serve to strengthen the governing council ’ s collegiate decision - making and communication. such a release should naturally complement the real - time messages conveyed in the press conferences. it should offer additional information that improves understanding of our reaction function, with respect to the relevant medium - term horizon, while taking care to avoid triggering short - term market noise. conclusion let me conclude. from the time the ecb was set up, not two centuries, but just 16 years ago, its commitment to its price stability mandate has not wavered. but its conduct and communication of monetary policy have evolved. the ecb ’ s reporting obligations have, unsurprisingly, grown. for earlier discussions and evidence on ecb communication, see, for example, issing ( 2005 ), winkler ( 2000 ), ehrmann and fratzscher ( 2007a, b ). bis central bankers ’ speeches and as we take on banking supervisory powers later this year, there is a need for even greater accountability and transparency, which has been reflected in our inter - institutional agreement with the european parliament. the publication of a richer account of our monetary policy deliberations represents a logical next step in the ecb ’ s evolving communications. after 16 years of operation and seven years of crisis, the eurosystem has matured enough to engage more fully with the public about how we go about fulfilling our mandate. such an interaction is ultimately the best basis for an effective monetary policy and for maintaining credibility and trust in our institution – which hopefully, like the dnb, will last for centuries to come. references blattner, t. s. and e. margaritov ( 2010 ), ‘ towards a robust monetary policy rule for the euro area ’, ecb working paper no. 1210. blinder, a. s., m. ehrmann, m. fratzscher, j. de haan and d - j. jansen ( 2008 ), ‘ central bank communication and monetary policy : a survey of theory and evidence ’, journal of economic literature, 46 : 4, pp. 910 – 945. brunner, k ( 1981 ), ‘ the art of central banking ’, centre for research in government policy and business, working paper no. 81 – 6. caste

##ted by coordinated government policies • however, significant downside risks remain to the positive outlook – global recovery could yet prove more anaemic than currently projected – evidence still unclear as to whether the slowdown has hit bottom in ssa going forward • diversification of trade relations – china and india are gaining entry to african region – perhaps change trade & fdi flows – regional integration to promote trade relations. the crisis has awakened the need for regional integration • financial sector development – put more effort to developing capital markets including bonds and stock markets to widen options for saving and investment financing – world economic outlook financial development index covers only three ssa countries. development of such index to capture more ssa countries is crucial in monitoring progress in the development of the sector – develop financial sector strategies to accommodate innovative policy designs and financial innovations • partnership – afdb, imf and wb have done well so far – they have both short - term rescue packages and enhanced development assistance • mobilization of adequate resources to finance growth – put in place innovative avenues for investment and saving with adequate financial sector development – boost development budgets to sustain infrastructure development • stay the path of reforms – do not sacrifice long - run growth – but remain within attainable targets – credibility of reforms • regulation of the financial sector – an emergence of regulatory arbitrage – domestic regulators should talk to each other – but we should be careful not to call for “ more ” regulation rather than “ better ” regulation – “ better ” regulation : a regime that can readily identify emerging vulnerabilities ; that can properly price risks ; and that strengthens incentives for prudent behaviour ( andrew crockett, fd supplement september 2009 ) • foreign reserves have served countries in africa well : – in theory, in a floating exchange rate regime, there is no need to hold foreign exchange reserves or to use them – but developing and emerging economies accumulated foreign exchange reserves to very high levels – it served them well in the crisis – the future of dollar denominated reserves requires close observation