olli rehn : monetary policy and bank supervision in europe after the last financial and sovereign debt crisis and challenges for the future remarks by mr olli rehn, governor of the bank of finland, in the governors'panel discussion at the bank of greece economic history conference " the birth of inter - war central banks : building a new monetary order ", athens, 2 november 2018. * * * dear colleagues, ladies and gentlemen : i want to thank the organizers and particularly governor yannis stournaras for the invitation to this conference. i also want to congratulate the bank of greece for its 90th anniversary. the hellenic central bank has always been a highly professional and reliable european partner, renowned for its expertise in economics and economic policy. the theme of this conference – focused as it is on lessons from economic history – is indeed quite timely. as some of the more intricate macroeconomic theorizing of the last decades is currently subject to a lot of criticism and even reconsideration, the voice of historians is now listened much more closely than some years ago – and rightly so. history may not repeat itself, but it certainly rhymes, as the saying goes. in this vein, a comparison of the latest international financial crisis with the great depression of the 1930 ’ s yields some important lessons. the first is the paramount importance of international policy cooperation for sustainable growth and employment. in the 1920s and 1930s, this cooperation failed, which paved the way for the rise of totalitarian regimes and global economic depression with large human and societal damage. since the second world war we have had international institutions that are – more or less – capable of facilitating policy coordination in economic and monetary affairs, to manage financial crises and, in effect, to protect growth and jobs. i refer to the imf and gatt, now the wto, in particular. these institutions and their capacity to act should be protected and developed even today. as i see it, the eu now has a heightened responsibility as a leading guardian of the multilateral economic order. a second lesson from the comparison of the economic crises is how important is the central banks ’ responsibility for maintaining price stability, to prevent deflation in crises and inflation in boom periods. in the 1930 ’ s, the prevention of deflation was not taken seriously enough, which led to a fatal deflation spiral and mass unemployment on a world scale. without denying the many problems at all, the performance of monetary policy was much better this time around.

caleb m fundanga : catering for the un - banked population in zambia speech by dr caleb m fundanga, governor of the bank of zambia, at the official opening of stanbic bank limited ’ s mazabuka branch, mazabuka town, 10 october 2006. * * * • the incoming member of parliament for mazabuka, honourable gary nkombo, • the regional managing director of stanbic africa, mr. clive tasker • the town clerk, mr. chingangu • the district commissioner, mr. chinda • traditional leaders here present ; chief mwanachingwala, chief mwenda, chief hanjalika, chief nalwama, chief monze • the chairman of stanbic bank ( zambia ) and all board members present • the managing director of zambia sugar plc, and managing director of stanbic bank ( zambia ) ltd • stanbic bank management and staff present • distinguished invited guests, ladies and gentlemen it is an honour and privilege to be invited to officiate at this important occasion. today i join the bank ’ s board chairman in thanking the people of mazabuka for the effort and support that has been extended in establishing this stanbic branch, which i believe is the first in southern province. distinguished ladies and gentlemen, i have keenly followed the progress and growth of stanbic bank in the last few years and i must say that as governor of the central bank, it has been very gratifying to witness the progressive strategies of a privately owned commercial bank. i recall that not too long ago ( about 18 months or so ) stanbic bank took the very bold step of entering the community banking sector by adding matero branch to the bank ’ s network and thereby brought superior banking services to the bottom end of the market. this was later followed by the opening of the solwezi branch, in what is now regarded as the new copperbelt. ladies and gentlemen, what has particularly caught my attention is that stanbic bank expansion has gone in tandem with the introduction of atm services to these markets via the ‘ state - of - the - art ’ stanbic auto bank to improve service delivery to our people. this is commendable. mr. chairman, ladies and gentlemen, one of the major concerns that the financial sector development plan, and the bank of zambia in particular, have identified is the spectre of the unbanked public that hangs over the zambian economy. the problem with having a greater