emsley tromp : start walking the talk – improving female labor force participation speech by dr emsley tromp, president of the central bank of curacao and sint maarten, on the occasion of the 9th annual women conference “ about women and influence ”, willemstad, 3 march 2012. * * * good morning ladies and gentlemen first, allow to me to congratulate bis inc and, in particular, mrs. reina joe for organizing this important annual event. i believe that the “ about women ” conferences not only empower and inspire women, but they also provide us with more insights into the position and important role of women in today ’ s society. this year ’ s topic “ about women and influence ” is fascinating as it focuses on what factors influence a professional woman ’ s work and private life and how she influences the society. in today ’ s address, i would like to focus on several factors that influence a professional woman ’ s career path, including those factors that affect the balance between paid work and other aspects of life. however, i would like to start by sharing with you the most important life lesson a woman has taught me. the woman who has influenced my life the most is my grandmother. she has shaped my philosophy and beliefs. as a matter of fact, my grandmother also influenced my economic thinking and my views on how to address many of our social problems. the main lesson she taught me was never to depend on others to achieve something in life. the only person who owes you anything is you! therefore, you are responsible for your family, your own professional career, your health care, your retirement, and your insurance. as long as you can work, you should work. do not depend on the society, on the social safety nets to take care of you or your family. the social safety nets are for those who are truly needy and are not able to work. my grandmother also taught me that every person ’ s achievements or possessions in life are the sum total of his struggle, agonies and triumphs. you are responsible for your life, and your success depends on the choices you make. therefore, you should always autograph your work with excellence. ladies and gentlemen, i believe that my grandmother, who will turn 99 this year, was a visionary. today, as life expectancies are increasing and birth rates falling, the population in many countries is aging. because of this aging of the population and its pressure on fiscal spending,

temporary in nature. accordingly, the governing council will continue to monitor all developments over the period ahead very closely. let me now explain our assessment in greater detail, starting with the economic analysis. following the 0. 3 % quarter - on - quarter increase in euro area real gdp in both the third and the fourth quarter of 2010, recent statistical releases and survey - based evidence continue to confirm the positive underlying momentum of economic activity in the euro area at the beginning of 2011. looking ahead, euro area exports should continue to be supported by the ongoing recovery in the world economy. at the same time, taking into account the relatively high level of business confidence in the euro area, private sector domestic demand should increasingly contribute to growth, benefiting from the very accommodative monetary policy stance and the measures adopted to improve the functioning of the financial system. however, the recovery in activity is expected to be dampened somewhat by the process of balance sheet adjustment in various sectors. this assessment is also reflected in the march 2011 ecb staff macroeconomic projections for the euro area, which foresee annual real gdp growth in a range between 1. 3 % and 2. 1 % in 2011 and between 0. 8 % and 2. 8 % in 2012. compared with the december 2010 eurosystem staff macroeconomic projections, the lower ends of these ranges have been bis central bankers ’ speeches shifted upwards, reflecting better prospects for the global economy – and thus for euro area exports – as well as for domestic demand. the march 2011 ecb staff projections are broadly in line with forecasts by international organisations. in the governing council ’ s assessment, the risks to this economic outlook are broadly balanced in a context of elevated uncertainty. on the one hand, global trade may continue to grow more rapidly than expected, thereby supporting euro area exports. moreover, strong business confidence could provide more support to domestic economic activity in the euro area than is currently expected. on the other hand, downside risks relate to the ongoing tensions in some segments of the financial markets and their potential spillover to the euro area real economy. downside risks also relate to further increases in commodity prices, in particular in view of renewed geopolitical tensions, and to protectionist pressures and the possibility of a disorderly correction of global imbalances. with regard to price developments, euro area annual hicp inflation was 2. 4 % in february 2011, according to eurostat ’ s flash estimate, after 2. 3 % in january. the