rundheersing bheenick : honouring dr yaga venugopal reddy address by professor rundheersing bheenick, governor of the bank of mauritius, at the university of mauritius proposing the conferment of the degree of doctor of civil law honoris causa upon dr yaga venugopal reddy, governor of the reserve bank of india, port louis, 3 december 2007. * * * it is my honour to present to you, assembled here today, at the university of mauritius, the distinguished and scholarly dr yaga venugopal reddy, academic at universities in india and in the united kingdom, and governor of the reserve bank of india, for conferment of the degree of doctor of civil law, honoris causa. the conferment of such a degree is a coveted distinction and brings dr reddy into the illustrious company of dr nelson mandela, dr indira gandhi and dr i g patel, on whom, in the recent past, this university has seen fit to bestow this honour. the occasion also confirms the importance that this university attaches to its international role in promoting the application of intellectual endeavours into the processes of human and economic development. the university was founded on the application of agricultural science to national development. today in this conferment we see that process being extended into fields of applied economics and finance in keeping with the structural transition of this country further into the industrial, business and service sectors in keeping with the original vision of this institution as a “ developmental ” university. dr reddy has an outstanding international record in academic and financial affairs, principally in a nation thousands of miles from our island state. india is a country over 1, 500 times the size of mauritius, and with a population nearly 1, 000 times as great, and i dare not try to compute how many times our small financial capital, expressed in mauritian rupees, can be divided into the vast riches over which dr reddy has served as governor of the reserve bank of india. moreover, we must recognise that india is a nation whose civilisation stretches back to the dawn of history itself, some 5000 years before man set foot on little ile maurice. despite these differences our two countries have much in common, as the first prime minister of india, jawaharlal nehru, recalled 60 years ago at that historic independence day assembly in 1947 : “ we think of our brothers and sisters who have been cut off from us by political boundaries … they are with us

manuel sanchez : mexico and texas – ties and mutual benefits remarks by mr manuel sanchez, deputy governor of the bank of mexico, at the centennial lecture series, the university of texas, el paso, texas, 10 september 2015. * * * i would like to thank you for the opportunity to participate in the centennial lecture series of the university of texas at el paso. it is a great honor to speak in this distinguished academic center, which has contributed considerably to closer relations between mexico and the united states. i congratulate those of you who have been an essential part of the success story of this institution. the university of texas at el paso has grown at an impressive pace during its first century. after starting out as a small school specialized in mining and metallurgy in 1914, today it is a full - fledged branch of the university of texas, offering a wide range of degrees. el paso now leads in programs on border issues and the relationship between the united states and mexico. enrollment has increased notably over the years, with the hispanic community accounting for a large majority of the student body. today, i would like to focus on mexico and texas as two increasingly integrated economies. i will begin with a review of how their links have expanded over time, yielding significant mutual benefits. i will then briefly describe recent developments in and the outlook for the mexican economy, in a context in which the united states and texas play important roles. finally, i will discuss monetary policy and inflation in mexico. as usual, my remarks are entirely my own and do not necessarily reflect the views of the bank of mexico or its governing board. mexico and texas mexico and texas have a deeply interconnected history of growth. the state of texas can be rightly viewed as one of the largest economies in the world, and its geographic proximity to mexico makes it all the more logical for the two to exploit mutually advantageous opportunities. their symbiosis is a natural consequence of a common cultural heritage, and, in economic terms, includes trade, investment, human capital, and many other areas. in particular, texas is mexico ’ s main trading partner within the united states, and mexico is the state ’ s main partner as well. in fact, texas accounts for more than twice as much of total mexican trade volume as china. as with the united states as a whole, commercial linkages were deepened by the north american free trade agreement, perhaps the most profound structural change ever undertaken by mexico. 1 mexico purchases many goods from texas