and a development bank. conclusion with the current challenges in our economic environment both globally and domestically, the reserve bank has been proactive in its roles to support our economic recovery. we have eased our monetary policy stance and more recently we have been conducting moral suasion with the commercial banks in an effort to stimulate investment and credit especially to the priority sectors and support growth in domestic demand. we have and will continue to relax exchange controls in order to support overseas current payments which are conducive for business growth. this will also instil confidence to the investors and encourage investment as well. the reserve bank has rationalised and introduced the import substitution and export finance facility which all exporters and businesses may access to boost exports and reduce imports. energy renewable projects also qualify for this facility. $ 40 million is available under this scheme and the current usage is $ 20 million. the rbf lends funds to commercial banks, credit institutions and fdb at 2 percent and these lending institutions are allowed to charge interest rates up to a maximum of 6 percent. the current government ’ s concerted effort is vital and timely and we also support the call made by this panel for more variants on fiscal and incomes policies given the limitations faced by the monetary authorities. nevertheless, a more positive outlook remains ahead with the reforms taking place and as the current mix of monetary and fiscal policies are aligned. from the presentations that we have heard so far, investment is the key. we need to address all the obstacles to investment and address them accordingly. we need to ensure that the environment is conducive as well. it is also important that fiji attracts the right type of investors. we have heard a lot of issues and questions so far. what we need is solutions – practicable and relevant solutions that can be implemented. finally, i would like to add that this type of dialogue is healthy and provides an excellent platform for exchange of ideas so that we can all work together and move forward for a better fiji. thank you. bis central bankers ’ speeches

ben s bernanke : brief overview of the 4th conference of the international research forum on monetary policy ( welcoming remarks ) welcoming remarks by mr ben s bernanke, chairman of the board of governors of the us federal reserve system, at the fourth conference of the international research forum on monetary policy, washington dc, 1 december 2006. * * * vice president papademos, ladies and gentlemen, i would like to welcome you to the fourth conference of the international research forum for monetary policy. the forum is one outgrowth of the increased interaction between central banks and academic institutions that, in my opinion, benefits both groups. it is a true joint effort involving the european central bank, the federal reserve board, the bmw institute for german and european studies at georgetown university, and the centre for financial studies at goethe university in frankfurt. you have a very full agenda for the next two days. the topics represent a good mix of theoretical work as well as empirical work based on both calibration and econometric estimation. you are beginning with two papers that emphasize the importance of inflation expectations. other papers examine such topics as the application of search theory, the functioning of mortgage markets, the theoretical analysis of optimal monetary policy, and empirical research on price - setting. there is a lot of intellectual food on the table. bon appetit!