thoroughly examine the outlook for economic activity and prices and risk factors to sustainable growth. independent central on the relationship between fiscal sustainability and financial system stability, as well as price stability, please see masaaki shirakawa, “ the importance of fiscal sustainability : preconditions for stability in the financial system and in prices ” ( remarks at the banque de france financial stability review launch event in washington d. c. ), april 21, 2012. http : / / www. boj. or. jp / en / announcements / press / koen _ 2012 / data / ko120422b. pdf for more on this point, please see masaaki shirakawa, “ the roles, missions, and challenges of the central bank ” ( speech at the japan national press club in tokyo ), january 25, 2013. http : / / www. boj. or. jp / en / announcements / press / koen _ 2013 / data / ko130130a. pdf bis central bankers ’ speeches banks are obviously expected to explain the effects as well as costs of measures in the longer term. i believe this is what accountability means. as the experience of the global credit bubble in the mid - 2000s suggests, time and again, the seeds of new problems and unexpected crises have already been sown as authorities respond to a problem. this provides us with a renewed sense of awareness of the importance of humility to learn from history and of stability from a medium - to long - term perspective. the bank of japan will continue to listen to a variety of views and conduct monetary policy appropriately on the judgment and under the responsibility of its policy board with the aim of overcoming deflation early and achieving sustainable economic growth with price stability. i ask for your continued support. thank you for your attention. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

rasheed mohammed al maraj : gulf executive development programme speech by his excellency rasheed mohammed al maraj, governor of the central bank of bahrain, at the gulf executive development programme graduation ceremony, manama, 30 april 2007. * * * members of the steering committee, distinguished guests, programme graduates, ladies and gentlemen : good evening. it gives me great pleasure to welcome you all here this evening, and to publicly acknowledge both my own support and that of the central bank of bahrain for the gulf executive development programme. this graduation marks the 9th such programme to have been completed – its continued popularity, in my view, clearly shows the inherent strengths of its offering, and the commitment of all its sponsoring organizations. let me begin, however, by first acknowledging the success of tonight ’ s graduates. all study programmes which have to be combined with full time employment represent unique challenges, in terms of time - management and commitment. these challenges are all the more acute when the programme is at an advanced level, such as the gedp. congratulations, therefore, are richly deserved for all of you graduating tonight, for your hard work and perseverance. of course, armed with your new qualification, even more will be expected of you. but i am confident that, having successfully completed this challenge, you will move on to even greater professional success in the years to come. i am sure that after your studies, you appreciate that true education isn ’ t so much about knowing all the answers, but knowing what questions to ask ; and that true leadership requires the exercise of responsibility, not just of authority. remember also that success is measured as much in how we achieve something, as in what we achieve. of course, many others have also been involved in making gedp 9 a success this year, and i should also like to acknowledge them publicly. in particular, the sponsoring employers, faculty members, and business leaders, who have so graciously given their time, have all contributed enormously to this programme. i would like in particular to thank, as always, the faculty of the darden graduate school of business administration at the university of virginia, the members of the gedp 9 steering committee, and khalil nooruddin of the bibf and all his staff. let me finish by wishing this programme continued long - term success. our economy needs an educated workforce in order to develop, and in turn the current high growth and continued expansion of our economy translates into a strong need for