: info @ rbf. gov. fj website : www. rbf. gov. fj reserve bank of fiji develop and promote sustainable business models that support communities ’ response to climate change under the maya declaration and issuing sovereign green bonds – a world first for an emerging market. i also encourage you to use the financial pages in the diary to record your daily expenses as it will help you develop the habit of tracking and assessing your financial decisions to better plan for a sustainable future. i wish to take this opportunity to acknowledge the continued commitment of all the teachers to your personal development. to the students, my advice to you is to continue asking questions. be inquisitive and further your learning whenever possible. your teachers play a key role in giving you the necessary guidance to help you develop your financial literacy but it is up to you to make the most of your opportunities. conclusion i hope you will find this year ’ s student diary both useful and engaging. i encourage you to use it well and develop yourselves to become not just financially responsible but environmentally - conscious. remember that a concerted effort is required to ensure a sustainable future for us and our planet, therefore every bit that you do counts. finally, i would like to wish the teachers and students all the very best for the new academic year. may you flourish always, thank you! end private mail bag, suva, fiji tel : ( 679 ) 331 3611 fax : ( 679 ) 330 2094 email : info @ rbf. gov. fj website : www. rbf. gov. fj

lucas papademos : interview with corriere della sera interview with mr lucas papademos, vice - president of the european central bank, conducted by ms marika de feo ( corriere della sera ), frankfurt, 31 march 2005. corriere della sera publishes an abstract of the text below. * * * the markets are under the impression that the ecb is unhappy with the current level of interest rates. why not raise them here and now? our message has been clear : the current level of interest rates is in line with maintaining price stability over the medium term. our latest assessment confirmed that underlying inflationary pressures remain contained and that inflation is projected to decline over the medium term. there are, however, a number of upside risks to price stability, such as high and volatile oil prices. these risks stem mainly from potential second - round effects of higher oil prices on wages and prices. up till now past oil price increases had no significant effects on wage developments, inflation expectations and core inflation. but the risks also stem from money growth, don ’ t they? yes, they do. the excess liquidity accumulated over the past few years and the acceleration of money and credit growth since the middle of last year poses medium - term risks to price stability. stronger economic growth in 2005 and 2006 could imply an increased likelihood that inflation risks associated with monetary and credit growth could materialise. this prospect requires continued vigilance. with regard to high oil prices, are you more concerned about their impact on growth or on inflation? it is an unpleasant fact that high oil prices pose simultaneously upside risks to inflation and downside risks to growth. estimates of the impact of higher oil prices on growth and inflation are surrounded by uncertainty and must be interpreted with caution. having stressed this, i can say that the average estimated effect of an oil price increase of 10 % is to add about 0. 1 percentage point to euro area inflation in the first year and to reduce gdp growth by approximately the same amount, that is by 0. 1 percentage point in the same year. in subsequent years, the effects on both inflation and growth decline. our aim is to prevent oil price shocks from having second round effects on inflation so as to minimise their cumulative adverse effects on both inflation and growth. are you still optimistic about growth? i am cautiously optimistic and expect that the economic recovery in the euro area will pick up momentum in the course of 2005. the somewhat lower gdp growth projected in 2005 by ecb