christian noyer : france ’ s prudential supervisory authority and financial markets authority – enhancing the protection of french consumers introduction by mr christian noyer, governor of the bank of france, president of the prudential supervisory authority ( autorite de controle prudentiel ) and chairman of the board of directors of the bank for international settlements, at the acp - amf academic symposium, paris, 11 may 2012. * * * dear mr president, ladies and gentlemen, i welcome you to this symposium organised today by the prudential supervisory authority and the financial markets authority. before saying a few words on the subject of this morning ’ s discussions, i would like to say just how much jean - pierre jouyet and myself are attached to fruitful collaboration between the two authorities that we preside. since the creation of the acp two years ago, the acp and the amf have united their efforts to durably enhance the protection of french consumers. a common division has been set up. apart from the public information platform, assurance banque epargne info service, which the general public is increasingly aware of, the two authorities have also conducted numerous consumer protection initiatives. for example, in 2010, the simultaneous publication of an acp recommendation and an amf guideline allowed the establishment of a framework for the marketing of complex products whatever their distribution channel. in order to limit the excesses sometimes encountered, these two texts underscored the need for contracts that are intelligible to non - professional consumers. in 2011, the number of jointly conducted control missions increased. twelve joint missions were conducted in entities distributing life insurance contracts and financial products ; the common actions also concerned operators offering leveraged transactions on the forex market and the processing of complaints throughout the financial sector. in 2012, joint missions will continue to focus on the different players involved in the marketing of insurance contracts, particularly among portfolio management companies, banks and distribution platforms. this joint work proves, if proof is needed, the shared determination of the two authorities to place consumer interests at the heart of the regulatory framework governing different financial products. indeed, by their very nature, certain subject areas automatically imply collaboration between the two bodies. this is the case for example of household savings. while the financial markets are a natural target for these savings, in the vast majority of cases, retail investors can only access these markets via the services offered by financial institutions and insurance entities. the crisis we have experienced these last four years

ajith nivard cabraal : macroeconomic background and outlook for 2007 presentation by mr ajith nivard cabraal, governor of the central bank of sri lanka, at the sri lanka development forum – 2007, colombo, 29 - 30 january 2007. * * * your excellency president mahinda rajapaksa, president of sri lanka, hon chairman, hon ministers, your excellencies, development partners and friends, in the next few minutes, i will endeavour to give you a quick update of sri lanka ’ s macroeconomic achievements in 2006 and also share with you, some thoughts on the outlook for 2007. as we now know, the sri lankan economy recorded a growth of 7. 8 per cent in the first three quarters of 2006 and according to current available data, it is very likely that the economic growth in 2006 would be well over 7 per cent. unemployment recorded its lowest level of 6. 3 % during the year. our international reserves increased by nearly 5 per cent. exports, imports and fdi grew significantly. many major infrastructure development projects commenced. a large number of village development projects were implemented. migrant worker remittances reached the highest ever level of over us dollar 2. 3 billion. these achievements by any standards, would have been considered significant. but, in the light of several major challenges faced by the country during 2006, these achievements could very well be even considered quite remarkable. the unprecedented high international oil prices, the unfavourable security situation due to heightened terrorist activity, the unforeseen investment needs in the post tsunami reconstruction, the ending of the debt moratorium that was granted in the wake of the tsunami and the intense export competition arising from the elimination of textile quotas, all left its mark on the economy in 2006. while each of these challenges were very serious, let me briefly deal with the special challenge arising from the uncertain security situation as a result of terrorist attacks launched by the ltte from early january 2006. in face of these attacks, even reluctantly, this threat had to be faced head - on and the terrible attacks had to be repulsed by the government. such efforts obviously required the appropriation of a significant amount of resources, a part of which could have been otherwise available for more productive activity. nevertheless, no responsible government could ignore persistent and delibarate attacks against the country ’ s integrity, defence, economic centers and public, and hence, as has been done in many countries across the world, the key