in generating financial resources for institutions, fundraising is not their raison d ’ etre. we can also think of “ fun ” raising, i. e. entertaining and exciting ways of building alumni relationships. various projects, too numerous to mention, can be undertaken. also, benefits of staying connected to one ’ s alma mater, other alumni and peers are immeasurable. networking is developed through strong alumni associations. this includes circulating information on internship, employment and other opportunities available in the various areas of enterprise alumni are engaged in. to my mind the benefits seem to outweigh the costs. your effort as we gather here tonight dovetails with one of the government ’ s key programmes. as you may be aware, the government has set itself the goals of halving poverty and unemployment by 2014. to meet these challenges, the government seeks an annual average growth rate of 4, 5 per cent or higher between 2005 and 2009, and an average growth rate of at least 6 per cent between 2010 and 2014. there are strong indications that the south african economy has reached a higher growth path. the growth rate averaged 3 per cent per annum between 1994 and 2003 as compared to 1 per cent during the decade preceding the country ’ s advent to democracy. however, growth rates in 2004 and 2005 have averaged 4, 5 per cent and 4, 9 per cent respectively. while growth is expected to decelerate somewhat this year, it is still expected to exceed 4 per cent. there is thus little doubt that the sustained application of prudent macroeconomic policies is bearing fruits. monetary policy has played its part by contributing to a low inflationary environment - inflation has been within the target range of 3 - 6 per cent for cpix for the past 34 months - which in turn has been supportive of economic growth. the maintenance of price stability, however, is not without its challenges. the globalisation of the south african economy is well documented. there is no escaping the impact of global influences on the sa economy. the recent volatility in our financial markets following the increased risk aversion of global investors towards emerging countries is an example in this regard. in addition, the recent successive monthly increases in the price of petrol as a result of the sustained increase in international oil prices bear further testimony to the sensitivity of the south african economy to global developments. as is the case internationally, the high oil price, if sustained, poses a significant threat to inflation and economic growth in south africa. there are domestically generated

jean - pierre roth : the financial crisis is receding – what will the future bring? summary of a speech by mr jean - pierre roth, chairman of the governing board of the swiss national bank, at the centro di studi bancari, vezia, 15 december 2009. the complete speech can be found in french on the swiss national bank ’ s website ( www. snb. ch ). * * * after the financial crisis, the global economy will enter a phase of weak economic growth. unemployment levels in the industrialised countries will be comparatively high. public finances in these countries have been heavily depleted, both by the crisis and by the needs arising from the ageing of their populations, and will need to be consolidated. in monetary terms, inflation will remain under control, at least in those countries whose central banks enjoy a strong level of independence. switzerland is comparatively well equipped to meet these challenges. its public finances are in a healthy state and it is sufficiently open to the world to participate in its most dynamic markets. with its tradition of high quality and cutting - edge technology, switzerland is well positioned to react to specific market requirements. moreover, it can draw on considerable financial resources and, thanks to the openness of its labour market, also has easy access to labour resources, without which growth would not be possible. switzerland ’ s only major drawback is the fact that it is a lightweight in the geopolitical arena, which makes it almost impossible for it to defend itself against protectionist tendencies and discriminatory measures taken by big countries. the swiss government must therefore take a strong stand on behalf of free trade, while also ensuring that the private sector operates within the best possible framework for its further development. ultimately, our future welfare depends on the vitality of the private sector, not on any state intervention.