for germany ( afd ), a party that came into being quite specifically as a protest against the euro rescue policy? we are open to dialogue with our critics. and we also engage in such dialogue on a regular basis, not least in the european parliament. at the moment, interest rates are rising all around the world. only the ecb is resisting the trend and is leaving interest rates low. are you losing touch? the picture is not at all as uniform as you describe. in the united states, for example, the economic recovery is far more advanced than in the euro area, unemployment is lower and the rate of inflation is higher. that is why the us economy can cope with higher interest rates. we have not got that far yet. why not? unemployment is falling in europe too, and there is growth – and the oil price is rising. it is true that the recovery is firming. however, the speed is still moderate and inflation is still some distance from a sustainable path back to the target value. that is why we have decided to extend our government bond purchase programme until the end of next year. we have, however, reduced the scale of the monthly purchases by €20 billion as of april. is that the beginning of the exit from the trillion euro programme? no. we want to continue the level of monetary policy support that we have been administering to the european economy so far. so, what would have to happen for you to be prepared to exit? it would have to be apparent that there was a sustained convergence in the rate of inflation towards our objective of below, but close to, 2 % over the medium term. that can change quickly. in the financial markets it is expected that the us economy will receive a boost because donald trump wants to reduce taxes and increase public spending. europe would also profit from that if we could export more. 2 / 3 bis central bankers'speeches there are signs of a looser fiscal policy in the united states in future, which is expected to lead to higher growth rates. but that alone will not be enough. the important thing is to make the economy more productive. another outstanding question is protectionism, which would of course be damaging, including for europe. trump is not president yet. we do not know exactly what he is planning, and we should therefore be cautious. so you want to continue flooding the world with money. you have already purchased bonds for over a trillion euro. at the end of the programme planned so far

through better co - ordination and collaboration will emerge stronger. thank you. references : www. nkibrics. ru / system / brics /... / brics _ and _ the _ global _ economy. pdf brics and the global economy, dr bandi ram prasad, financial technologies knowledge management. brics insight paper 2, new south - south co - operation and the brics new development bank, by zhu jiejin. the role of emerging markets in a new global partnership for growth, by christine lagarde, managing director, international monetary fund, university of maryland, february 4, 2016. brics joint statistical publication 2015. south africa in brics, www. brics5. co. za /. www. ndbbrics. org. statement of the monetary policy committee, 19 may 2016. world bank global economic prospects 2016. bis central bankers ’ speeches