in ame gdp growth. the study also echoes the findings of previous research on the growth - enhancing effects of structural reforms and fiscal prudence among both groups of economies. for ames, fiscal prudence, financial reforms and trade openness are on the list of factors serving to enhance growth. for emes, meanwhile, in addition to these variables, financial deepening and labor market flexibility also help to promote growth. these positive growth spillovers and growth effects of structural reforms together suggest that the contributions to growth of any single country ’ s reforms can go well beyond its own national borders. world economic growth can obviously thus be more significantly enhanced if reforms are undertaken simultaneously in both groups of economies, and their trade openness expanded. these findings imply that emes ’ growth can be an effective source of growth for ames, as well as ames ’ for emes. when asia was hit by its crisis in the late 1990s, it was the solid growth in ames that pulled it out of recession. and emes ’ healthy growth can and should likewise now be a blessing for ames faced with the difficult short - run tradeoff between debt reduction and growth promotion. theory tells us that the competitive or non - cooperative nash equilibrium will be suboptimal in the presence of externalities, and also that a social planner, if one exists, can achieve a better outcome. by the same token, the positive growth spillovers between ames and emes bis central bankers ’ speeches suggest the need for a global jurisdiction, that can internalize such externalities in order to maximize growth. but the reality is very far from one characterized by existence of a global jurisdiction, and better described as one of a non - cooperative equilibrium. this is why i argue for better and more international cooperation, for the sake of growth and financial stability. let me elaborate on this point further. i believe that emes, and particularly large emes, need to shift from external demand - driven growth to more domestic demand - driven growth. this latter type of growth will not only be less prone to drive a buildup of global imbalances but also contribute more to world economic growth, through positive spillovers. such a shift may however be constrained – at least during the transition period – by the financial vulnerabilities of these countries to external shocks, particularly shocks related to the volatile global liquidity cycle. during their transitions, the current accounts of emes may be in deficit for extended periods of time before they return to balance. and

the names of banks that qualify by 31 december 2005. ( ii ) phased withdrawal of public sector funds from banks, starting in july 2004. ( iii ) consolidation of banking institutions through mergers and acquisitions. ( iv ) adoption of a risk focused, and rule - based regulatory framework. we will always pre - announce the rules of the game and stick to them. arbitrariness will be reduced to the barest minimum. more often, operators who run foul of the rules plead for ‘ political solution ’. those who petition for ‘ political solutions ’ to otherwise strictly economic and financial problems should understand the damages that such arbitrariness can do to the system, and the wrong signals and moral hazard that it creates. once we start with one ‘ political solution ’, there is no end to it and the system would suffer. in the interest of preserving the integrity of the system, transparency and probity, we will insist on the rules and regulatory framework, in the interest of nigeria and nigerians. ( v ) adoption of zero tolerance in the regulatory framework ; especially in the area of data / information rendition / reporting. all returns by banks must now be signed by the mds of the banks. the so - called ‘ re - engineering ’ or manipulation of accounts especially in hiding of information under ‘ other assets / liabilities ’ and off - balance sheets will henceforth attract serious sanctions. ( vi ) the automation process for rendition of returns by banks and other financial institutions through the electronic financial analysis and surveillance system ( e - fass ) will be completed expeditiously. ( vii ) establishment of a hotline, confidential internet address ( governor @ cenbank. org ) for all nigerians wishing to share any confidential information with the governor of the central bank on the operations of any bank or the financial system. only the governor has access to this address. ( viii ) strict enforcement of the contingency planning framework for systemic banking distress ; ( ix ) work towards the establishment of an assets management company as an important element of distress resolution ; ( x ) promotion of the enforcement of dormant laws, especially those relating to the issuance of dud cheques, and the law relating to the vicarious liabilities of the board members of banks in cases of failings by the bank. a situation where a bank collapses due to negligence and mismanagement and the bank directors move about in their limousines while the poor depositors languish in pains is unjust and