kevin greenidge : continuing the legacy of success remarks by dr kevin greenidge, governor of the central bank of barbados, at the alleyne school speech day, bridgetown, 6 april 2023. * * * good day everyone! it's an honour to stand before you on this momentous occasion. as i look out at all the smiling faces, i am filled with a sense of pride and admiration for all of you. you have worked tirelessly to be winners today and you should be proud of your accomplishments. today, i want to talk to you about " continuing the legacy of success. " as alumni of this great institution, we have a responsibility to uphold the high standards of excellence that have been set for us. we are the product of the hard work and dedication of those who came before us, and it's now our turn to carry on their legacy. over the years, our school has been the breeding ground of exceptional individuals who have gone on to achieve great things in various fields, including in academics, athletics, arts, and in community service, just to name a few. these icons include : dr. the honourable corey forde, head of isolation centre and infection control specialist, present today dr. velma scantlebury, gcm, first black female transplant surgeon kathy harper - hall, programme director at sport for life barbados inc. sport for life philip antoine, national mixologist and reverend harcourt blackett this legacy is not just a mere accolade, but it is a responsibility that you carry with you wherever you go. but what does it mean to continue the legacy of success? success is not simply about achieving your goals, but also about leaving a positive impact on the world around you. it's about making a difference in the lives of others and contributing to society in a meaningful way. the legacy of success that we have inherited is not just a list of achievements, but also a set of values and principles that we should strive to uphold. valuing hard work one of the most important values that this school has instilled in us is the importance of hard work. nothing in life comes easy, and it's through hard work and dedication that we can achieve our goals. as former us president theodore roosevelt said, " nothing 1 / 3 bis - central bankers'speeches worth having comes easy. " success is not handed to us on a silver platter. it requires dedication, perseverance, and a willingness to put in the

. that path entails obvious contradictions ; for this reason, the deutsche bundesbank recommends we shun such an approach. conclusion ladies and gentlemen, we find ourselves in a situation in which difficult and, perhaps, uncomfortable decisions are unavoidable. this situation is aggravated by uncertainty in the markets and among the general public. this uncertainty has to be eliminated if we want to break free of the present crisis. yet this uncertainty cannot be eliminated by repeatedly topping up the rescue fund. instead, what we need are decisions which address the root causes of the crisis. besides a swift and ambitious fiscal consolidation, i would highlight three main points. we need clarity regarding greece ’ s future. greece must fulfil the conditions of the aid programme ; if it does not, there is no basis for granting further support. a greek default – which most certainly no - one wishes to see – cannot therefore be categorically ruled out. we need clarity regarding the banking sector ’ s resilience. it has to be strengthened where it is too low in order to prevent contagion effects. this explicitly includes recapitalisations. this is justified even though the banks are not to blame for the high level of sovereign debt in several european peripheral countries. and we need clarity regarding the future of the monetary union. i have outlined two different paths in my address. which of the two paths is chosen is in the hands of our politicians. it is now up to them to decide quickly. we therefore expect clear and landmark decisions by the european council this coming sunday. bis central bankers ’ speeches