sultan bin nasser al - suwaidi : strengthening financial sector supervision and current regulatory priorities welcoming remarks by h e sultan bin nasser al - suwaidi, governor of the central bank of the united arab emirates, at the 9th high - level meeting for the middle east & north africa region on “ strengthening financial sector supervision and current regulatory priorities ”, organized by the basel committee on banking supervision ( bcbs ), the financial stability institute ( fsi ) and the arab monetary fund ( amf ), abu dhabi, 18 november 2013. * * * good morning excellencies - the honorable, josef tosovsky, chairman of the bis financial stability institute, - h. e. dr. jassim al mannai, general manager & chairman of the arab monetary fund, - distinguished guests, - ladies & gentlemen, it gives me great pleasure to welcome you to the uae, especially those who traveled a long way to be here with us at the outset of this important high level meeting, and i would mention in particular the honorable stefan ingves, governor, sveriges riksbank and the honorable eric rosengren, president & ceo federal reserve bank of boston, and the distinguished speakers. first of all, i take this opportunity to thank the organizers for their careful selection of the meeting title : “ strengthening financial sector supervision and current regulatory priorities ”, also for the choice of the excellent topics of discussion. i believe this meeting will definitely help regulators in the mena region develop appropriate methodologies, regulations and macro - prudential oversight regimes that would help us all achieve our objectives, in a more efficient and improved manner. regulatory development is currently a key focus for central bank of the uae. very briefly, i would like to mention our two recent regulations, namely : 1 ) regulations regarding mortgage loans, and 2 ) regulations re monitoring large exposure limits i would not go into details of these two regulations, as their details are available on the central bank website ( or will be available very soon ). however, what concerns us at central bank of the uae, is that with strengthening regulations and related supervision, extension of credit through the banking system will be impacted. and since we are operating in one of the developing economies in the region, we believe that we have to support economic and social development. for this reason we have to focus on certain initiatives that could mitigate the impact that would come through strengthening regulations and related supervision, such as : 1 ) financial inclusion : in this respect, and

jean - pierre roth : review of the swiss economy speech by mr jean - pierre roth, chairman of the governing board of the swiss national bank, at the bank ’ s annual general meeting, berne, 29 april 2005. * * * dear shareholders dear guests 2004 : the economic upswing continues the economic upswing that began in summer 2003 continued last year. economic growth moved into the positive zone and came close to its potential level once again. while growth was slightly negative in 2003, it reached 1. 7 % for 2004 as a whole. the recovery in switzerland is due in large part to the rebound in global economic growth, which reached its highest level since 1976. swiss companies have benefited from this situation : last year, exports rose by 6. 7 % – a significant increase compared with the 2003 figure. this figure reflects our exporters'continuing wish to adapt to changes in demand, as well as the untiring efforts to streamline swiss industry and maintain switzerland's appeal as a location for business. the swiss economy's strong presence on the international markets has been a reality for a long time. as our direct investments abroad have grown, however, it has taken on a new dimension in recent years. not everyone is aware that while switzerland is a champion in savings, it also boasts a performance in the area of foreign investments that is unrivalled. in 2003, we invested some chf 20 billion abroad – a sum equivalent to almost 20 % of national savings. roughly half of these investments were concentrated in the european continent. over the years, and given switzerland's trade surplus, our companies have thus developed an extremely dense international network of production facilities. in addition to the 4 million jobs within the domestic economy, swiss companies employ a further 1. 8 or so million people abroad. of these, 1 million work in european countries. these figures show that switzerland has by no means resigned itself to low growth, but has seized the opportunities created by the opening - up of borders and markets. these days, a lot of people worry about competition from low - wage countries and the resulting relocations. however, they overlook the fact that our country is a major beneficiary from the more pronounced international division of labour brought about by globalisation. the relocation of certain production stages is inevitable. it allows our companies to stay competitive in the face of high swiss labour costs. in some respects, the jobs created abroad secure those at home with more added value. " one out of