constantinos herodotou : speech - 14th limassol economic forum speech by mr constantinos herodotou, governor of the central bank of cyprus, at the 14th limassol economic forum, limassol, 6 october 2023. * * * honourable president of the house of representatives, fellow speakers, esteemed guests, ladies and gentlemen. i would like to thank the organisers for inviting me to the fourteenth limassol economic forum, a prestigious and always successful event. i was asked to discuss today the economic outlook of one of the world's most significant economic regions, the euro area. amidst the continuous waves of shocks and high uncertainty, the euro area remains a cornerstone of the global economy, exemplifying both the challenges and opportunities of integrated economies. over the years, the euro area has weathered numerous storms. from the impact of the great financial and sovereign debt crises, to the unprecedented shocks of the global pandemic, followed by the on - going consequences of the war in ukraine, the euro area has encountered multifaceted challenges. nevertheless, based on the combined strength and collective decision making of its member states, the euro area has shown resilience, ensuring that financial stability is preserved and economic recovery is steady and sustainable. having said that, the euro area is exhibiting a slow down in economic growth in 2023. the euro area economy grew by 0. 1 % on a quarter to quarter basis during the first half of 2023, and recent data suggests a similar performance for the third quarter. decreased residential and business investments, as a result of tighter financing conditions, coupled with a reduced demand for exports from the euro area, are hindering economic growth. according to the purchasing managers'index - the pmi, which is the index that summarises whether market conditions are expanding, staying the same or contracting, as viewed by purchasing managers surveyed monthly, the prevailing direction of economic trends in the manufacturing sector is contracting. according also to pmi data, the services sector had been growing until july 2023, albeit at a decelerated rate, but has since then moved also into contractionary territory. based on the european central bank ( ecb ) september 2023 projections, which are the most recent projections available, the economic activity is expected to regain momentum at the beginning of 2024. this will be fuelled by projected increases in real income due to decreasing inflation, growing wages, a robust european labour market and recovering foreign demand. according to

guy debelle : global code of conduct for the foreign exchange market – phase 1 opening remarks by mr guy debelle, assistant governor ( financial markets ) of the reserve bank of australia, at the launch of phase 1 of the global code of conduct for the foreign exchange market, new york city, 26 may 2016. * * * i am very pleased to launch phase 1 of the global code of conduct for the foreign exchange market. it has taken a concerted effort by a dedicated group of people, working on top of their normal responsibilities, to get us to this point today. before talking about the material we have put out today, let me remind you why this work is occurring. as i have stated on previous occasions, the foreign exchange ( fx ) industry has suffered from a lack of trust in its functioning. this lack of trust has been evident both between participants in the market, but at least as importantly, between the public and the market. the market needs to rebuild that trust, so that participants and the public have much greater confidence that the market is functioning appropriately. a well - functioning foreign exchange market is very much in the interest of all market participants. this clearly includes central banks, both in their own role as market participants but also as the exchange rate is an important channel of monetary policy transmission. in a globalised world, the foreign exchange market is one of the most vital parts of the financial plumbing. the global code sets out global principles of good practice in the foreign exchange market to provide a common set of guidance to the market, including in areas where there is a degree of uncertainty about what sort of practices are acceptable, and what are not. this should help to restore confidence and promote the effective functioning of the wholesale fx market. to that end, one of the guiding principles underpinning our work is that the code should promote a robust, fair, liquid, open, and transparent market. a diverse set of buyers and sellers, supported by resilient infrastructure, should be able to confidently and effectively transact at competitive prices that reflect available market information and in a manner that conforms to acceptable standards of behaviour. the work to develop the global code commenced in may last year, when the bank for international settlements ( bis ) governors commissioned a working group of the markets committee of the bis to facilitate the establishment of a single global code of conduct for the wholesale fx market and to come up with mechanisms to promote greater adherence to the code. 1 there are two important points worth highlighting