gill marcus : south africa ’ s challenges at a difficult time for the global and domestic economy address by ms gill marcus, governor of the south african reserve bank, at the noah gala fund - raising dinner, sandton, 21 august 2012. * * * distinguished guests, thank you for the invitation to address you this evening. the work that noah does with orphans in our disadvantaged communities is admirable, and it is heartening to see the support that the organisation receives from the private sector at a very difficult time for our economy. it is estimated that the hiv / aids pandemic will leave more than 5 million children orphaned by 2015, which will add to the demands on the public sector and private sector organisations such as noah. helping to ensure a positive present and future for these children is not just a question of money. to achieve the aims and vision of noah requires dedication and commitment to train and build capacity to foster stronger communities capable of caring and providing for children, whether these children have been orphaned by aids or any other cause. noah ’ s basic message is that every child must be allowed the possibility to dream and you provide that hope for the children and their communities. it was stated in the noah annual report 2012 “ looking ahead ” that “ the key to success lies in a collective effort ”. that “ government … has laid a foundation for change ( through ) grants and payments for caregivers that make the noah approach sustainable ” and that “ getting to all needy children is the problem ”. while there is much negative comment about government policies, it is important to recognise that at the core of health care there has been a critical shift that holds the potential to improve collaboration across all sectors involved in primary care, and to reach the adults and children who are presently underserved or excluded. when considering community oriented primary care i am aware that the ideas are very familiar to many of you in your practice. what is exciting is that they are now being integrated through the national department of health into the health care system. i will return to this in some detail later on. noah is undertaking this work at an extremely difficult time for the global and domestic economy. let me first deal with the advanced economies, particularly the eurozone and the united states. the crisis in the advanced economies persists, despite the temporary breather that global financial markets appear to be taking in the past few days. however, on the ground, growth outcomes and prospects have been deteriorating. growth in the eurozone was

speech monetary policy : lifting the veil of effectiveness! " # $ speech by benoit cœure, member of the executive board of the ecb, at the ecb colloquium on “ monetary policy : the challenges ahead ” held in his honour frankfurt am main, 18 december 2019 in a few days, i will leave the ecb after eight years of unprecedented challenges for the integrity and stability of our single currency, the euro. [ 1 ] throughout these years, the ecb ’ s resolve and steadiness have been the cornerstone of europe ’ s crisis response and economic recovery. i feel grateful and humbled to have been given a chance to be part of this effort. i would like to thank former president mario draghi, my executive board and governing council colleagues, and the staff of this great institution for their friendship and trust. and i would like to wish isabel schnabel and fabio panetta the best of luck. the starting point for my remarks this morning is people ’ s sense of frustration and their criticism of central banks for failing to deliver inflation consistent with their aim. this criticism has taken different forms in society. professional observers and financial market participants often criticise the inadequate size of our actions and question the effectiveness of our instruments. private citizens criticise the type of instruments we use – in particular asset purchases and negative interest rates – and the side effects they associate with them. the use of these instruments has caused persistent mistrust. while three in four euro area citizens think the single currency is good for the european union and two in three think it is good for their country, less than half of citizens trust the ecb. in my remarks this morning, i would like to make two points that speak to these concerns. the first is that there is no contradiction between inflation being low and monetary policy being effective. central banks have achieved great success in recent years. their achievements, however, and this will be my second point, are of little avail if the public does not recognise or understand them. i will argue that this “ veil of effectiveness ” creates enormous challenges for the credibility and acceptance of central banks – challenges which can only be overcome by revisiting the appropriateness of four key components at the heart of our current monetary policy frameworks : how we define price stability, how we measure inflation, how we evaluate the credibility of our intentions and the range of counterparts through which we implement monetary policy. low inflation and the effectiveness of monetary policy my first point –