. the euro area economy is held back not only by current geopolitical tensions, but also by frictions in labor and product markets. structural reforms in these areas are of utmost importance to increase the flexibility of the economy, thereby improving its resilience against detrimental shocks and raising the euro area ’ s noninflationary growth potential. policymakers are well aware of this assessment. however, the lack of clear and decisive progress in implementing structural reforms weighs on confidence. it is high time to reassure business, investors and consumers by delivering overdue structural reforms. such measures must be geared towards more flexible labor markets and higher labor participation rates, the full implementation of the eu single market, free and sound competition along with further cutbacks in state aid, and consumer - friendly retail market regulations. this would enhance productivity, thereby making the euro area more attractive for domestic and international investment, it would promote economic activity and raise the noninflationary growth potential of the euro area, and it would enhance employment, thus boosting consumer confidence and private consumption. indeed, it is up to us to set in motion such a virtuous circle! the policy program of the newly elected austrian government includes several important measures to foster austria´s attractiveness for business and investors. starting out from a small budget deficit of 0. 6 % in 2002, the government´s fiscal policy stance foresees some cyclically motivated widening of the deficit to 1. 3 % this year. looking ahead, the government intends to make significant tax cuts. the cutback of the share of government in the austrian economy is appropriate and in line with international endeavors to improve the quality of public finances. the tax cuts should be accompanied one for one by expenditure cuts so as to ensure that a balanced budget is achieved over the cycle. where do central and eastern european countries enter this picture? it is my conviction that this historic reunification of europe will mutually strengthen today ’ s accession countries and the eu. having said this, challenging tasks lie ahead. first and foremost, we will have to provide stability in a broad sense : political stability, macroeconomic stability, financial market stability and price stability. the framework which is in place provides for such broadly based stability. thus, enlargement will encourage growth and employment in a wider europe. economic and monetary integration of the accession countries will proceed in three stages : first, the acceding countries will join the eu in may 2004, second, the new member states will participate in erm ii,

remarks by lesetja kganyago, governor of the south african reserve bank, at the press conference to announce the sale of sarb shares to the general public south african reserve bank, pretoria 2 march 2017 members of the media, ladies and gentlemen. we have called today ’ s media briefing to make south africans aware of the opportunity to buy shares of the south african reserve bank ( sarb ). how did these shares become available? some of you will recall that the sarb act1 was amended in september 2010 to, among other things, limit the shareholding in the sarb to 10 000 shares each for a sarb shareholder and their associates. this means that no shareholder and their immediate family, and / or associates, can collectively own more than 10 000 sarb shares. after some shareholders had failed to comply with the legislative measures pertaining to this limitation of shareholding, the sarb applied for, and was granted, an order by the high court of south africa authorising the sale of the shares held by these shareholders and their associates in excess of the statutory limit of 10 000. south african reserve bank act 90 of 1989 page 1 of 4 the high court order was issued on 4 november 2016 : a ) directing affected shareholders, with their associates, to dispose of those sarb shares which they held in excess of 10 000 ; b ) appointing investec securities proprietary limited to act as an independent broker to facilitate the disposal of those shares over a period of two years from the date of the order, at a sale price of not less than a pre - determined market price ; and c ) directed the general counsel of the sarb to do all things necessary to enable the sale of the shares, including signing all necessary documentation and providing whatever assistance is necessary to investec securities proprietary limited. as a result of this process, some 149 200 shares in the sarb have become available for sale. we would like to use this opportunity to diversify our shareholder base, and we would like to encourage all eligible south africans to take up this opportunity to own shares in the sarb. any person is eligible to buy shares in the sarb, except if they already hold, together with their associates, 10 000 of these shares. i must emphasise that the sarb does not have a profit - maximising objective ; our operations are conducted in the broader interests of the country, in pursuit of the sarb ’ s mandate and responsibilities. the mandate and independence of the sarb are entre