to invite all 54 countries or all the regional groupings to the g20 but there is a strong possibility of a representative of the continent presenting our views and interests in the g20. the au and indeed the aacb fully recognise the benefits of regionalism and have promoted continental programs geared towards strengthening africa ’ s voice in the global arena. the meeting today should be seen in light of the need to contribute to a continental position in areas of interest to central banks. however the recent crisis has clearly shown that central banks should not limit their interest to only price stability. as the crisis unfolded, central banks across the world were called upon to play a role in stimulating aggregate demand. this was a new role for many of the central banks. therefore in meetings like this, we should discuss the extent to which central banks should directly use instruments to stimulate growth. however, the added responsibility should not come at the expense of price stability. it is thus our responsibility to share experiences in this area and also propose ways of balancing the inflation and the growth objectives. let us use this opportunity to learn from each other. i am confident that this meeting will ably attend to the full agenda before us and provide insight into many of the intricate policy issues that central banks are currently facing. this two - day meeting is intended to deliberate on various aspects of monetary and financial integration on the african continent, with specific focus on the eastern africa region. in bis central bankers ’ speeches particular, it is intended to draw consensus on the region ’ s position on decisions and issues as drawn from the 34th ordinary meeting of the aacb assembly of governors. this meeting is also scheduled to appraise the upcoming 2011 aacb bureau meeting of the macroeconomic performance of our region in 2010 and offer guidance on the scheduled symposium and continental seminar for 2011. to our visiting delegates, please send my governor ’ s compliments to his contemporaries. i wish you fruitful deliberations and enjoy the warm hospitality of the bank of uganda staff and indeed, the diverse riches of the “ pearl of africa ”. i now have the pleasure to declare this meeting of the technical officials of the aacb eastern africa region open. bis central bankers ’ speeches

jean - claude trichet : monetary policy in 2003 introductory statement by mr jean - claude trichet, governor of the bank of france, at the forum institut fur management, frankfurt, 2 december 2002. * * * introduction ladies and gentlemen, it is for me great pleasure to participate in this “ international forum on interest rates ” and to exchange views with an audience of prominent players on financial markets. i welcome the initiative of the forum institut fur management. in promoting discussions on challenging issues between market practitioners and economists, this contributes to the attractiveness and spirit of financial markets in the euro area. i would like to open these discussions with some remarks on structural issues that one should keep in mind when examining the prospects for financial markets in europe. indeed, by achieving its primary objective of pursuing price stability in a medium - term perspective, the monetary policy defined by the governing council of the ecb lays the foundations of the success of euro. but these foundations are also embedded in a far - reaching structural dynamic involving notably three components : • financial integration, • financial stability, • and the prospects of european union enlargement. i would like to make a few remarks on the challenges and opportunities arising from these three – interrelated – topics. financial integration 1. 1 as regards financial integration, the european monetary union has in many respects modified the way in which financial institutions organise their daily business in the euro area. this has influenced the integration pattern on the various segments of the financial market. european union has modified the way in which financial institutions organise their daily business in the euro area : it is true that financial integration in europe started before january 1999, as banks and non - financial companies included, in their strategies, the setting up of the single european market, which occurred ten years ago. the expansion of their operations abroad has been notably the driving force. to illustrate that point, we can look at the stock of foreign assets held by companies. in the case of france, this stock has more than tripled between 1992 and 2000, from eur bios 131 to eur bios 465. as a result, non - financial companies gradually introduced more competition into the banking system, as they funded their expansion through non - domestic bond or commercial paper issues, or by centralizing their financing. as an example 40 % of the external financial resources borrowed by french medium and large companies are being redistributed to their own subsidiaries, and 10 to 15 % consists of commercial paper and bond issuance