njuguna ndung ’ u : putting banking at the centre of the economy ’ s sustainable growth remarks by professor njuguna ndung ’ u, governor of the central bank of kenya, at the opening of the kba 3rd annual banking research conference, nairobi, 25 september 2014. * * * the chairman, kba governing council ; members of the kba governing council ; banks ’ chief executive officers ; distinguished participants ; ladies and gentlemen : it is my honour and pleasure to join you this morning at this very important conference that focuses on the role of the banking sector in the economy ’ s growth. it is therefore my singular pleasure to be invited to open the kba third annual banking research conference and to make some remarks at its commencement. first and foremost, i would like to commend the kba for its consistency in hosting the annual banking research conference. this is further evidence that the banking industry is keen on having its operations and strategic focus informed by analytical work. this being the third annual conference, the body of knowledge that the process has generated is without a doubt going to be beneficial to all stakeholders. research and its output is a “ public good ”. the broader benefits arising from knowledge cannot be restricted to those who have a direct interest in the research. research that improves the policy environment benefits all and indeed the economy at large. this year ’ s conference theme of “ putting banking at the centre of the economy ’ s sustainable growth ” is an example of this point. several papers focusing on finance and economic growth have confirmed the causal relationship. it is on that basis that i consider this conference ’ s theme on sustainability of this relationship to be inspiring, given that it provides an opportunity for deeper reflection taking us beyond the general finance – growth nexus. the kenyan economy has an ambitious real output growth target of at least 10 percent to enable the realization of the aspirations of vision 2030. the high and sustained growth targets will only be achieved through increased investment and increased productivity. the banking industry must intermediate and provide the funding required for the investment but even more important is long - term finance with attractive terms. ladies and gentlemen : the presentations lined up for this conference give me confidence that we are embarking on a conversation that will lead to the consolidation of the gains to the economy from the dynamism of the banking industry. let me make a quick reflection over the five areas around which the conference presentations focus ; • firstly, increasing support for agriculture is important and in the right

gertrude tumpel - gugerell : a case for rapid euro adoption introduction for panel discussion by ms gertrude tumpel - gugerell, member of the executive board of the european central bank, at the austrian national bank conference on european economic integration on “ the euro ’ s contribution to economic stability in cesee ”, vienna, 16 november 2009. * * * ladies and gentlemen, 1 it is a pleasure to be at this conference among such distinguished panellists to speak about the european economic integration and the adoption of the euro. for us at the ecb, the topic of the optimal timing of euro adoption for the eu countries in central and eastern europe ( cee ) that have not yet done so is very important. according to the maastricht treaty, all eu countries are called upon adopting the euro at some stage. so it ’ s not a question of if, but rather on when to join. however, to ensure that the monetary union is working smoothly, it is essential – and the maastricht treaty has foreseen this – that the countries joining the euro area have achieved a sufficient degree of sustainable convergence. this is first of all in the interest of the country concerned. moreover, sustainable convergence is a cornerstone of the european monetary union on which the success story of the euro is built. since its introduction back in 1999, the euro has become one of the major currencies of the world. the low inflation environment in the euro area can be largely attributed to the well anchored inflation expectations and the high credibility of the ecb ’ s monetary policy strategy to ensure price stability over the medium - term. during the global financial crisis, it became apparent that the euro has been an important shelter for the euro area countries to protect them against what otherwise may have resulted in an exchange rate and balance of payments crisis. this led to the widespread perception that the euro area is a safe haven. let me in the following speak about the economic situation in the cee countries and their prospect on joining the euro. the cee countries have been strongly hit by the financial crisis following the bankruptcy of lehman brothers, the cee countries have been strongly hit by the global financial crisis, although at varying degrees across countries. due to the slump in global activity, heightened risk aversion by international investors and a de - leveraging by financial institutions, most cee countries have seen a significant weakening of export demand and a substantial worsening of their external financing conditions. it seems