willem f duisenberg : the euro area - recent developments and the economic outlook opening remarks by dr willem f duisenberg, president of the european central bank, of the panel on " recent developments in the world economy " at the 2nd international conference organised by the banco de mexico, mexico city, 12 november 2002. * * * ladies and gentlemen, it gives me great pleasure to chair this panel today and to speak before such a distinguished audience. in my opening remarks, i will briefly touch on recent economic developments in the euro area and on our assessment of current developments in the economic outlook. although, earlier this year, we were expecting a relatively pronounced economic recovery in the euro area, since the summer it has become increasingly clear that this scenario of rapid acceleration will not materialise. over recent months, a high degree of uncertainty - stemming mainly from developments in stock markets and geopolitical tensions - has taken its toll on confidence worldwide. these developments have weakened the pace of growth in the euro area. recent data and information suggest that activity in the euro area has continued to grow only moderately in the third quarter of 2002 and available evidence also points to only moderate rates of growth of real gdp at the turn of the year. still, for the time being, the main scenario for the euro area remains that economic growth is expected to return to rates close to potential in the course of 2003. this expectation is consistent with all available forecasts by international organisations and by leading private forecasters. moreover, financial markets have shown signs of stabilisation in recent weeks following a period of considerable turbulence. the expectation of an improvement in economic activity in the euro area is contingent on a recovery of growth in private consumption, which should be supported by growth in real disposable income and a correction of high perceived inflation rates towards those of actual rates, which are lower. this expectation is also conditional on a projected gradual recovery in foreign demand in line with expected stronger growth in the world economy which, together with low interest rates, should lead to a resumption of stock building and stronger investment. however, this main scenario is still surrounded by considerable uncertainty, and it is difficult to determine precisely both the strength and the timing of the economic upswing in the euro area and globally. turning to price developments, euro area inflation is currently slightly above 2 %, the upper limit of our definition of price stability. annual headline inflation rates in the euro area are likely to remain above 2 % for the remainder of 2002 and

ravi menon : allianz and singapore – growing a specialist insurance hub in asia opening remarks by mr ravi menon, managing director of the monetary authority of singapore, at the launch of allianz ’ regional centre, singapore, 18 september 2013. * * * mr manuel bauer dr dieter wemmer dr maximilian zimmerer dr christoph mascher distinguished guests, ladies and gentlemen, good evening. i am pleased to join you this evening at the official opening of allianz ’ s new regional centre in asia square. allianz and singapore this marks a major step forward for allianz in singapore and in asia. for the first time, we will see allianz ’ s 450 staff across 11 entities coming under one roof. this new centre will strengthen synergies across business units, enabling allianz to better serve the needs of its 20 million customers in the region. in a way, allianz ’ s story reflects singapore ’ s own development as a specialist insurance market. just ten years ago, the insurance industry in singapore was focused on writing pure domestic risks. singapore has now developed the capacity and expertise to underwrite large and complex risks across asia. with the opening of allianz ’ s new office here, asia square is also shaping up to be singapore ’ s own version of london ’ s leadenhall street, where many prominent insurers and brokers are located. such physical co - location will help to promote greater exchange of ideas and collaboration, and create an insurance marketplace that is committed to deliver customised and innovative solutions. mitigating asian risks the prospects for asia ’ s insurance market are bright. a growing middle class and rising affluence will underpin a steady increase in insurance penetration rates. continued industrialisation, growing trade activities, and infrastructure development will mean greater demand for insurance solutions to mitigate a variety of risks. over the next decade, insurance business in asia is projected to grow at about 8 % per annum. by 2020, asia is likely to account for almost 40 % of the global market. it is vital that insurers seeking to expand in asia have a deep understanding of asia ’ s risk landscape. aggregate exposures have grown steadily in asia, due to rapid urbanisation and economic growth over the last two decades. asia ’ s strong record of development means that we have more to lose from unforeseen calamities. take for example the spate of natural calamities in asia in 2011.