the starting point if it is to draw on the energies of the entire organisation. articulating it with great clarity throughout the organisation allows the collective alignment to the goals. this also avoids being diverted by distractions when we are confronted with destabilising times. it is also imperative when we are ambitious with bringing about change and transformation. knowing clearly the outcomes and the benefits it brings increases the potential of bringing diverse groups within a country and across countries to building the consensus on achieving a common goal. another aspect that needs to be mentioned is being paranoid about the worst that could happen. this is sometimes referred to as productive paranoia. central bankers need to excel as risk managers – knowing what could go wrong and prepare for the worst that is yet to come. in part it involves building the buffers to prepare for the unexpected events before they happen. when i am asked the question about how we are going to manage ‘ the lift off ’ – the normalisation of interest rate by the federal reserve in the united states – my response is that it is not what we will do now but what we have done before it happens that will see us through this period. it is not only the buffers that have been built but also the capability that has been developed that will better allow us to intermediate and thus absorb the shock. this will enable us to withstand the volatile financial flows that are already occurring in anticipation of this eventuality. sometimes there are also black swan events. these are defined as those developments that have a low probability of happening and that is difficult to predict and anticipate. being paranoid and building the resilience against such shocks will contain its damaging effects. therefore continuous rigour needs to be applied all the time, during the good times and the challenging times. vigilance, detecting developments that could signal danger, early recognition of risks are all important. also knowing how your risk profile changes over time will avoid one being taken by surprise. central banking is therefore not for the faint of heart. it not only demands the high levels of energy – not just the physical energy, but that of the emotional, spiritual and the mind. when tested to the limit, it is from these sources of energy from which the strength is derived. investing in these sources of energy will avoid its depletion. energy should not be taken for granted. then there is the courage that is needed. it is derived from your convictions and values that you hold, reinforced by your sense of purpose and what motiv

the entire spectrum of businesses. the responsibility and accountability is therefore immense. our business is about bringing value and benefits to our citizens. in an environment of greater transparency and enhanced communication there is also greater awareness of the prevailing circumstances. this has produced higher expectations for the delivery of results. energy is derived from this very sense of meaning of what responsibility brings. it is the drive to making the difference to the economic well being of our citizens. fiercely knowing this responsibility and accountability is the very source of the intense energy necessary to preform the function of central banking. knowing the high costs that destabilising developments can have on the people and businesses and its potential damage to the nation is a major prompt of the perseverance to press on, to survive and to succeed. often we need to just confront the realities and produce a solution when it seems hopeless. courage is also needed to stay the course. knowing the stakes are high, knowing that you are being counted upon spurs the unwavering determination. from my experience as a lifelong career central banker, such extreme conditions that test us to the limit have become increasingly frequent. while there have been many great successes that have been achieved, there have also been those moments that have been most trying bis central bankers ’ speeches and devastating. during such times, developments set you back to a much worse situation than your original position. those times have arisen from external shocks that are beyond our control, from ambitious agendas that have been met with violent resistance and domestic stress brought on by actions that are in conflict with the bank ’ s mandate or from political tensions. the ability to endure, to persevere, to be resilient in the face of such extreme odds is about having a great sense of purpose of what needs to be achieved and the motivation of why it needs to be achieved. the sheer responsibility and the awareness of the accountability that comes with it is the very driver of such perseverance. it is also the fear of failure and knowing the far - reaching and damaging consequences. this is reinforced with the values and the discipline to stay the course to do what is right and to do what is in the interest of the people. the discipline is also important so that the central bank is consistent in its behaviour in managing the challenging conditions or in its aspirations to push the frontiers and create great value for the country. during such times, having great clarity in the vision and on the objective of what is to be achieved becomes paramount. this has to be