to be administered by a central bank the government has demonstrated unmistakably its intention to achieve genuine economic freedom as a corollary of the political freedom achieved a year and a half ago. it has been the endeavour of this report to propose a type of central bank which, with proper skill and understanding in its management, will establish monetary conditions in ceylon that may make possible, as never before, the fuller use of the nation ’ s human and material resources and a rising standard of comfort for all. ” history has judged us before! i will leave it up to you to judge us in future as well! bibliography bernanke ben s. and michael woodford ( eds ), the inflation targeting debate. cambridge massachusetts : national bureau of economic research studies in business cycles, 2005. bernanke, ben s., thomas laubach, frederic s. mishkin, and adam s. posen ( eds ), inflation targeting. princeton : princeton university press, 2001. blinder, alan, central banking in theory and practice, cambridge massachusetts : the mit press, 1996. central bank of sri lanka, 40th anniversary commemorative volume of the central bank of sri lanka, 1950 - 1990. colombo : central bank of sri lanka, 1990. central bank of sri lanka, 60th anniversary commemorative volume of the central bank of sri lanka, 1950 - 2010. colombo : central bank of sri lanka, 2011. central bank of sri lanka, annual report. various years. central bank of sri lanka, road map : monetary and financial sector policies, various years. colombage, sirimevan, the political economy of central banking in sri lanka. prof. h. a. de s. gunasekera memorial oration, university of peradeniya, october 2017. government of ceylon, sessional paper xiv : report on the establishment of a central bank for ceylon ( exter report ). 1949. government of sri lanka, vision 2025 : a country enriched. 2017. gunasekera, h. a. de s., from dependent currency to central banking in ceylon : an analysis of monetary experience, 1825 - 1957. london : g. bell and sons, ltd., 1962. irwin, neil, the alchemists : three central bankers and a world on fire. new york : penguin group, 2014. ito, takatoshi, and andrew k. rose, monetary policy under very low inflation in the pacific rim, nber - ease, volume

stanley fischer : the israeli economy, its banking system and basel ii address by professor stanley fischer, governor of the bank of israel, to the conference of the association of banks, tel aviv, 25 december 2007. * * * today i will first speak about the state of the economy in israel, and about the banking system as an important part of the economy ; then i will talk of the bank of israel ’ s activity regarding competition in the banking system ; and finally i will turn to basel ii. 1. the state of the economy israel ’ s economy is in a very good situation, and growth this year is expected to be 5. 4 percent, or even slightly higher. exports have risen rapidly, the current account of the balance of payments is showing a surplus of 4 percent of gdp, the debt / gdp ratio has fallen to about 82 percent of gdp, compared with about 102 percent in 2003, the strong inflow of foreign investment in israel is continuing, unemployment is declining, and according to quarterly figures has already reached 7. 3 percent, down from about 11 percent in 2003, the rate of participation in the labor market is rising, price stability has been maintained, and both financial and economic stability have been preserved. at the present time, the inflation rate is slightly higher than the upper bound of the target range, but it is expected to return to the target by around the middle of next year. the bank of israel, for its part, will make every effort to ensure this outcome. the auspicious state of the economy is reflected in the oecd ’ s invitation to israel to start the process of joining the organization, the improved credit rating granted to israel, the agreement of the us government to continue providing us with loan guarantees, and the report of the imf delegation that visited israel this month. nevertheless, the future looks less rosy : it appears that the financial crisis in the us and europe will become more severe. the central banks are searching for the right tools to deal with the problems of liquidity, and as a result of the difficulties in the financial markets the gaps between central banks ’ interest rates and market rates are widening. the first signs of the fruits of the central banks ’ efforts are becoming visible. if this continues, the interest rate gaps will again become more reasonable, but even then the problem of the collapse of the us housing market and its implications for the economy will remain. till now there has been no evidence of a slowdown in the us economy.