delisle worrell : emotional talent – the final leadership frontier welcome remarks by dr delisle worrell, governor of the central bank of barbados, at the emotional intelligence conference “ emotional talent – the final leadership frontier ”, bridgetown, 19 october 2012. * * * i am delighted to welcome such a large and enthusiastic audience to today ’ s lecture. many of you know that the central bank of barbados has embarked on a strategy of renewal, based on the premise that we can be as efficient as possible only if we all strive to help each other to be as happy as we can be on the job. this is a revolutionary notion ; we have grown up in a culture where work and happiness are at opposite ends of the spectrum. work is a chore, a necessary evil, and happiness is for the weekend, our vacation, and blissful retirement, when someone will pay you a salary to do absolutely nothing. however, many of us have realised that we enjoy working. at first you think you must be really weird, if you ’ re working through the night just because you are so absorbed in what you ’ re doing, but then you notice that other people are doing similar things, on occasions when they are specially motivated to do so ; such as when there is a big occasion like this event to be organised, for example. so you begin to ask yourself – why can ’ t all work be like that? why is it that, even with the most sophisticated management systems, as a general rule most employees are miserable on the job. and why is this true even of employees who enjoy what they do, are good at it, and are willing to work long hours? the missing element, we have come to realise, is the human element, and that is where our emotions come into play. we are emotional beings, and it matters a great deal to our motivation, our happiness and our performance, that our colleagues and our managers care about us. these emotional habits, caring about our staff, wanting them to do well and be happy, are what we are trying to cultivate at the central bank of barbados. already we have evidence that this is a sure path to high morale and enviable levels of efficiency. we have several examples of top class performance, and those involved can bear testimony to the wonderful spirit associated with these events. as we embarked on this journey, with the help of consultants skilled in the new technologies of management, we became aware that we had achieved

both countries this year. global trade volume growth has slowed abruptly, from around 5. 7 % in 2017 to around 1. 4 % in the first quarter of 2019, in year - on - year terms. near term trade prospects remain weak. good. can i ask you a parochial question? what is the impact going to be of britain leaving the european union politically and economically? it ’ s going to be a loss for the european union from all viewpoints and i think there is nothing more to add to that. is it going to change the geopolitical dynamics? too difficult to guess which way. there are still some concerns that when you depart, when another person is sitting in your chair, that the market might pay more attention to them having to operate ‘ within our mandate ’, rather than your willingness to do ‘ whatever it takes ’. so is the omt watertight? do we have a true lender of last resort facility for the eurozone or do you still need a safe pair of hands in frankfurt and in berlin and other european capitals? yes omt is watertight, as well as other key decisions taken by the governing council during these years. of course, all policy decisions depend on the circumstances, but i have no reason to think that people who will be sitting in those chairs in the coming years will interpret the mandate in a way different from what the governing council that met in the summer of 2012 actually did. what is your opinion on the nomination of christine lagarde as your successor? is it a disadvantage that ms lagarde has no formal training as an economist? she will be an outstanding ecb president and i say so with full knowledge, having known her for longer than she and i want to remember. she has successfully led the imf and its staff of economists through challenging times. also, there are many similarities between the way decisions are taken at the ecb and at the imf. as i said earlier in our discussion, work at the ecb is collegial, relying on extensive discussions with the staff and the chief economist, as well as the rest of the governing council. this is not so different to how the imf works. ms lagarde and the ecb are very well equipped for the next eight years. 9 / 10 bis central bankers'speeches there is a growing feeling that central banks, including the ecb, have shouldered too much of the burden and can no longer be the only game in town.