christian noyer : inflation, europe ’ s response to the debt crisis, emerging - market economies and priorities for the g - 20 – interview in the wall street journal interview with mr christian noyer, governor of the bank of france and chairman of the board of directors of the bank for international settlements, in the wall street journal, paris, conducted by mr brian blackstone and ms nathalie boschat on 24 january 2011 and published on 26 january 2011. * * * wsj : the european central bank recently toughened its stance on inflation. how concerned are you about the risks of inflation taking hold in the euro zone? noyer : the uptick in inflation is mostly due to the rise in oil and commodity prices. core inflation has remained relatively subdued. by nature, that [ the rise in inflation ] should be temporary. our projections show that the inflation rate should come back to a zone perfectly in line with our definition of price stability during the course of 2011. as a central bank, we are very attentive to the only risks that exist in such a situation, which is that there might be second - round effects – an acceleration of inflation due to other causes – wages and other dynamics of internal costs. this is why we are vigilant about all those evolutions. i am quite confident that we will be able to keep inflation at bay. that includes sending the message that we will never tolerate that inflation could become entrenched. we are determined not to let inflation become entrenched through second - round effects. it is this determination that would permit us to keep expectations where they are. wsj : since the current rise in inflation is due in large part to the buoyancy of emerging countries, are you worried that controlling inflation is to some extent out of your control? noyer : it ’ s true that there are factors beyond our direct control. but there are also structural answers to these factors, such as development of production, in order to limit the rise in agricultural prices. there are possibilities, and the level of prices helps a lot to develop production and alleviate the pressure. when we look at the global picture of economy, there are emerging countries which have suffered less from the economic crisis and advanced economies which had to recover from a much lower growth and even recession. that in turn creates problems for emerging economies, including the fact that some of them have hesitated to run the fiscal and monetary policy that would have been absolutely appropriate given the state of their

caleb m fundanga : develpments between the bank of zambia and the lusaka stock exchange opening remarks by dr caleb m fundanga, governor of the bank of zambia, at the luse / besa / boz workshop for secondary trading of government bonds, lusaka, 3 march 2008. * * * the chairperson, resource persons, workshop participants, distinguished ladies and gentlemen, i am honoured for the invitation extended to me this morning to officially open this important workshop on secondary market trading for government securities. to begin with, i wish to commend the lusaka stock exchange ( luse ), the organizers, on the timeliness of this workshop. i have little doubt most of you will agree with me that this discussion on the secondary market is long overdue and therefore could not have come at a better time. dialogue among key stakeholders is invaluable to the success of market development efforts. this is particularly so because this allows each participant to share and learn from their diverse experiences in this area. i must say that this workshop addresses a subject in which i personally take keen interest. this is because i have, over the recent past, participated in a number of meetings with key investors in our securities market. at these meetings, issues surrounding the development of the secondary market have always been at the centre of our deliberations. i am glad that we have now began to address those very issues. this workshop also demonstrates the stakeholders ’ commitment to support the market development efforts as outlined in the financial sector development plan. chairperson, over the recent past, the zambian economy has performed well. this is reflected in a number of the key macroeconomic indicators. to mention but a few ; the growth rate in real gross domestic product ( gdp ) has remained positive and above 5 %, we attained single - digit inflation, relative stability in the exchange rate of the kwacha against major currencies, stable financial sector and improved banking services. these impressive economic trends suggest that the reform programmes that have been implemented are now bearing fruit. the reforms have focused on the restructuring of the economy, to let markets determine key decisions so as to allow the private sector lead, which has provided for increased investment in the economy. it is the contention of many financial analysts that there is no better market to determine prices than the secondary market. in that regard, this workshop is vital. ladies and gentlemen, the importance of a secondary market cannot be overemphasized. by facilitating a ready