full responsibility for government debt management, thereby relieving the cbn of such role. thirdly, there is a need to meet the west african monetary zone ( wamz ) convergence criterion, limiting central bank financing of government to 10 per cent of estimated current revenue. fourthly, the enactment of the fiscal responsibility act should be rigorously pursued. your excellency, distinguished ladies and gentlemen, there is no doubt in my mind that the issue of fiscal policy management is very critical to the successful implementation of our economic programmes. in this connection, i hope the seminar will find time to ponder on the following issues : ( i ) the need to establish a stabilization fund which will address the problem of revenue / expenditure volatility ; ( ii ) formulate viable fiscal rules which are consistent with our fiscal federalism, and ( iii ) propose the way forward in addressing the problems of inter - generational equity argument arising from debt overhang. i am convinced that the array of eminent professionals gathered here today will come up with concrete proposals that will enhance our fiscal policy in the medium to long - term. i thank you for your attention.

has been more frequent than in “ normal times ” because of the unpredictability of the liquidity demand. 2. the amount of refinancing provided via longer - term refinancing operations ( ltros ) has been increased significantly with a view to smooth conditions in the term money market. the amount of refinancing provided via the one - week main refinancing operations ( mros ) was reduced correspondingly, so that the total amount of outstanding refinancing has remained unchanged. as a result, the average level of eonia has remained close to the minimum bid rate even if its volatility has at times been higher than normal and our assessment is that our operations have had a positive impact – in particular in diminishing volatility – on term money market conditions. the eurosystem did not have to change its collateral framework at the time of the financial turbulences because, since its inception, it accepted relatively broad ranges of collateral and it granted a large number of counterparties access to rather large refinancing operations. we consider that the operational framework of the eurosystem has in itself provided notable stability during the turmoil. it is important to recall that, as the turmoil went on, central banks strengthened their cooperation, first through enhanced information exchange and collective monitoring of market developments and later on by coordinated steps to provide liquidity. since december 2007, the ecb has, in cooperation with the us federal reserve and together with the swiss national bank, been conducting several term auction facilities – so - called taf - operations – in which it provides usd liquidity, on behalf of the us fed, to euro area banks. these liquidity - providing operations do not have a direct effect on euro liquidity conditions, but are conducted to address the availability of us dollar funding for euro area banks and aimed at improving global funding conditions. i would sum up by noting again the challenging environment within which economic policymakers are currently operating. the global economy is undergoing a range of interdependent shocks across various facets of the global system. in part, they are associated with a change in our operating environment in which resources constraints are more pertinent ; technological progress is accelerating ; and interactions are more complex. understanding the shocks and their interrelations in this system is vital and ongoing part of our economic analysis and decision - making. thank you for your attention.