ewart s williams : the future of the financial industry after the crisis opening address by mr ewart s williams, governor of the central bank of trinidad and tobago, at the 14th caribbean business executive seminar, caribbean centre for money and finance, port of spain, 30 april 2010. * * * let me first thank the caribbean centre for money and finance for inviting me to make a few opening remarks at this their 14th business executive seminar. given the ccmf ’ s mandate, the theme of your conference “ the future of the financial services industry after the crisis ” is most timely. let me also congratulate ccmf on assembling a most impressive cast of speakers, who could be expected to bring diverse perspectives and unique insights into how our financial sector is likely to evolve over the next few years. since the international financial crisis, governments and central banks in both developed and developing countries have been giving serious thought to the future of the financial services industries in their respective economies. in particular, a lively debate continues to rage on about the regulatory response to the crisis and on the measures needed to avoid a repetition. the causes of the financial crisis have been well - documented and analysed and i don ’ t plan to review that discussion here. suffice it to say that there is widespread agreement that the legacy of the crisis will be long - lasting with significant changes expected in the global financial landscape going forward. there is perhaps less consensus on what shape the new landscape will take. in respect of the advanced economies, where the crisis originated, and which suffered most from the ravages of the crisis, the good news is that the near - term outlook for the financial sector has improved significantly. in the united states ( us ), bank stocks have rallied and those of the four largest banks have been among the best performers in the s & p 500 since the market hit bottom in march 2009. this month, four of the largest financial institutions in the us, jp morgan chase, bank of america, citigroup and goldman sachs reported healthy first quarter earnings. despite these indicators, there continues to be serious risks to financial stability in these economies, arising from the withdrawal of government support, continued write - downs to compensate for further asset deterioration and funding pressures, as institutions seek to reduce leverage and raise capital and liquidity buffers. in these advanced economies, debate is still raging on the long term financial sector outlook. for example : the optimal size of financial institutions – many experts expect that

mario draghi : hearing at the committee on economic and monetary affairs of the european parliament introductory statement by mr mario draghi, president of the european central bank, before the hearing at the committee on economic and monetary affairs of the european parliament, brussels, 23 march 2015. * * * mr chairman, honourable members of the econ committee, ladies and gentleman, i am happy to be back to this committee for my first regular hearing at the european parliament in the year 2015. a lot has happened since we last met in november last year. with lithuania, the euro welcomed its 19th member. on 22 january we announced our intention to extend our asset purchase programmes to buying public sector securities ; we started the purchases on march 9. we also moved to a new building which we officially inaugurated last week ; we unveiled our new 20 euro banknote ; and in a milestone towards even greater transparency of our decision - making procedures, we published on 19 february for the first time the accounts of a monetary policy meeting of the governing council of the ecb. i know this has always been a topic very dear to your committee. in the remainder of my remarks, i will explain some important aspects of the extended asset purchase programme and present a first assessment of its effects. i will then, as the coordinators have asked me to do, elaborate on the link between price stability and financial stability and will speak briefly about the macroprudential tools the ecb has now at its disposal. economic outlook and monetary policy the most recent data and survey evidence show that growth is gaining momentum. the basis for the economic recovery in the euro area has clearly strengthened. this is due to in particular the fall in oil prices, the gradual firming of external demand, easy financing conditions driven by our accomodative monetary policy, and the depreciation of the euro. these more positive developments are also reflected in the recent ecb staff projections. compared with the projections from december, the outlook for 2015 and 2016 has been visibly revised upwards by 0. 5 and 0. 4 pp., respectively. we expect inflation in the euro area to remain very low or negative in the months ahead, because the recent fall in oil prices will continue to influence the figures until later in the year. however, inflation rates are expected to start increasing gradually towards the end of the year. they will be supported by aggregate demand, by the impact of the lower euro exchange rate and by the recovery of oil prices from their current troughs in the