zeti akhtar aziz : developing effective leaders in asia speech by dr zeti akhtar aziz, governor of the central bank of malaysia ( bank negara malaysia ), at the launch of the iclif ’ s asian leadership index, kuala lumpur, 1 april 2014. * * * it is my pleasure to welcome you here this morning for the launch of iclif ’ s asian leadership index. the asian leadership index, is part of an important stream of global research on the expectations on leaders in today ’ s world. the world is rapidly changing, and is becoming more challenging. effective leaders must act in full recognition of the fact that their best followers will demand more of them. this is because in many cases their expectations of leaders have shifted in an age where information flows have intensified and where travel has removed all our known boundaries. the asian leadership index is a substantive, broad - based research on asia. the focus on asia is because the region is becoming increasingly more significant in the global landscape. and yet, there exists little, if any, systematic study of leaders doing business in asia. the asian leadership index therefore aims to contribute towards a greater understanding of “ what do business leaders in asia need to do to get more energy and commitment from their most important followers? ” as part of the study, selected senior leaders and emerging leaders in companies operating in asia were asked to describe what their leaders need to do for them as professionals if they were to participate wholeheartedly with that leader, and be fully invested in their organizations over the longer term. they also indicate what they see as missing from the leaders to whom they report. as leadership is about being able to deliver results even in the most challenging of environment, it is therefore also about generating the drive and energy in the organisation, and thus creating an environment in which the best talent will gravitate to, and contribute with the same energy and drive. in an international environment in which high quality talent is scarce, this aspect of the expectations of leadership becomes important. in essence, leaders need to be supported by high powered and committed teams. the expectations of talent is however not only rapidly evolving but may differ when contextualised to different parts of the world. this study undertaken by iclif provides insights on such expectations of leaders in asia and on the areas that need to be addressed if sustainable impact and influence is to be achieved. what then are the findings of the study? i will leave this for the presentation by kate sweet

luis m linde : performance of and outlook for the spanish economy testimony by mr luis m linde, governor of the bank of spain, before the senate in connection with the draft state budget for 2016, madrid, 23 september 2015. * * * luis m linde : performance of and outlook for the spanish economy testimony by mr luis m linde, governor of the bank of spain, before the senate in connection with the draft state budget for 2016, madrid, 23 september 2015. ladies and gentlemen, in my appearance today, as part of the process of discussion and approval of the budget in the senate, i will focus on analysing the performance of, and outlook for, the spanish economy and on the role of the state budget for 2016, following approval of the draft law by the government on 31 july, and the role of the budget plan for 2016, submitted to the council of ministers on 11 september. the external setting of the spanish economy heightened uncertainty is presently the most noteworthy feature of the external setting of the spanish economy. the recovery in the advanced economies and the return to normal on the international financial markets have been affected by the consequences of the global economic slowdown, as a result of the downturn in some emerging economies, particularly china, and especially in light of the difficulties involved in assessing its real magnitude in the medium term. the risk that the figures that are now emerging might herald a sharp correction in the imbalances that built up in the chinese economy during the lengthy period of strong growth is having a negative impact on world trade, oil prices and the stock markets and foreign exchange markets. it is also very probably having an effect on the timing of the federal reserve ’ s decision to raise its key policy rates. a more positive development, however, is the approval and start - up of the third bailout programme for greece, which has mitigated another key source of uncertainty for both the european and the spanish economy. in the euro area, gdp rose by 0. 4 % in q2. this is lower than the q1 figure ( 0. 5 % ) and it is also lower than most forecasts of public and private sector analysts. along the same lines, on 3 september the european central bank ( ecb ) revised down slightly its growth projections for the euro area, for both 2015 and 2016, to 1. 4 % and 1. 7 %, respectively. these figures continue, in any event, to be more positive than those expected at the end