zeti akhtar aziz : vision of asia speech by dr zeti akhtar aziz, governor of the central bank of malaysia, at the official monetary and financial institutions forum ( omfif ) – “ vision of asia award acceptance speech ”, london, 30 june 2010. * * * it is my great honour to be here today to receive this vision of asia award from the official monetary and financial institutions forum ( omfif ). i would like to thank lord desai, for his generous introduction and the advisory board of omfif for this recognition. as a policy maker from an emerging economy in asia – for almost three decades – it has been both exhilarating and most rewarding. while being challenged to the limit, in particular, during the asian financial crisis, the asian economies have now emerged stronger and more resilient. this decade has seen a dramatic change in the nature of the globalisation process. as this process intensifies, asian economies have demonstrated their flexibility to adjust and respond to the opportunities and challenges that have emerged. the initial wave of globalisation was in the form of trade. this was followed by the globalisation of corporations and more recently by the globalisation of financial flows. the recent global financial and economic crisis has called for the globalisation of policy given the limits for policy at the national level and the need to address cross border developments that have implications on the domestic financial system and hence the domestic economy. the global economy and the international financial system have entered a new era. a fundamental transformation of the global landscape is taking place. arising from the growing disparity in growth performance between the developed and emerging world, increasingly the economic power in the global economy is becoming more dispersed. the organisation for economic cooperation and development ( oecd ) estimates the emerging economies ’ share of global economic output will exceed that of the developed world by 2011. by 2030, the emerging economies are expected to account for 60 % of total world output. the benefits of globalisation are thus becoming more balanced. in 2000, the emerging economies accounted for 80 % of the world population but only generated 40 % of global income. by 2030, it is estimated that 85 % of the world population from the emerging economies will generate 60 % of the income. this is reinforced by increased trade between emerging economies. while world trade has quadrupled between 1990 to 2008, trade flows between emerging economies increased ten - fold. asia is very much part of this global shift

christine lagarde : ecb press conference - introductory statement introductory statement by ms christine lagarde, president of the european central bank, and mr luis de guindos, vice - president of the european central bank, ljubljana, 17 october 2024. * * * good afternoon, the vice - president and i welcome you to our press conference. i would like to thank governor vasle for his kind hospitality and express our special gratitude to his staff for the excellent organisation of today's meeting of the governing council. the governing council today decided to lower the three key ecb interest rates by 25 basis points. in particular, the decision to lower the deposit facility rate – the rate through which we steer the monetary policy stance – is based on our updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. the incoming information on inflation shows that the disinflationary process is well on track. the inflation outlook is also affected by recent downside surprises in indicators of economic activity. meanwhile, financing conditions remain restrictive. inflation is expected to rise in the coming months, before declining to target in the course of next year. domestic inflation remains high, as wages are still rising at an elevated pace. at the same time, labour cost pressures are set to continue easing gradually, with profits partially buffering their impact on inflation. we are determined to ensure that inflation returns to our two per cent medium - term target in a timely manner. we will keep policy rates sufficiently restrictive for as long as necessary to achieve this aim. we will continue to follow a data - dependent and meetingby - meeting approach to determining the appropriate level and duration of restriction. in particular, our interest rate decisions will be based on our assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation and the strength of monetary policy transmission. we are not pre - committing to a particular rate path. the decisions taken today are set out in a press release available on our website. i will now outline in more detail how we see the economy and inflation developing and will then explain our assessment of financial and monetary conditions. economic activity the incoming information suggests that economic activity has been somewhat weaker than expected. while industrial production has been particularly volatile over the summer months, surveys indicate that manufacturing has continued to contract. for services, surveys show an uptick in august, likely supported by a strong summer tourism season, but the latest data point to more sluggis