10 years. we believe that by partnering with the indian institute of banking and finance, new programs and new initiatives can be developed in future. c ) advanced academic and management development programs – the ksms has responded to new demand - driven capacity needs of the financial services sector by introducing advanced academic and management development courses, including the following programs : ( i ) a masters degree in banking and finance through a grant from the african capacity building foundation ( acbf ) ; ( ii ) postgraduate diploma in financial management in collaboration with moi university targeting the eastern and southern africa region ; ( iii ) academic programmes through a collaborative agreement with the jomo kenyatta university of agriculture and technology, targeting the financial services and other related disciplines ; and lastly, bis central bankers ’ speeches ( iv ) a multilingual diploma in business sciences and islamic financial services approved by the ministry of higher education. ladies and gentlemen : moving forward, cbk and the industry players are in the process of developing a national strategy for financial education and consumer protection in kenya as another avenue of taking financial inclusion to the next frontier. the starting point for financial education is at the level of individual players – the agents for disseminating the knowledge. i would like to commend the indian institute of banking and finance for organizing annual conferences like this which present an opportunity for banks to not only share experiences but to also exchange ideas on innovations and other emerging issues that require bank staff to prepare themselves to handle. this is an important platform to also inform the regulators the emerging challenges and opportunities not only for growth but further improvements on capacity for growth. i urge other similar institutes such as the kenya institute of bankers to embrace the idea as an avenue to bring together hr practitioners and policy makers in the banking sector to share ideas on innovations that require proactive hr training and development. this is an important avenue to transform institutions and create capacity for growth. successful banks are those that proactively prepare their staff to cope with the ever evolving trends in the global financial scene. with these few remarks, let me wish all participants of the 11th bank human resources conference, fruitful deliberations and a joyous stay in kenya. thank you. bis central bankers ’ speeches

opening remarks to the bank of england ‘ independence – 20 years on ’ conference remarks given by mark carney, governor of the bank of england bank of england ‘ independence – 20 years on ’ conference, fishmongers ’ hall, london 28 september 2017 all speeches are available online at www. bankofengland. co. uk / speeches welcome to this conference marking 20 years of independent monetary policy making in the uk. we are here because long and varied experience has shown that price stability is the best contribution monetary policy can make to the public good. high inflation hurts the least well off in society the most. it distorts price signals, inhibits investment, and ultimately damages the economy ’ s productive capacity. equally, deflation imperils growth and employment, and, in the extreme, leads to financial ruin and economic collapse. the happy medium is low, stable and predictable inflation. a little inflation greases the wheels of the economy, and it gives monetary policy space to deliver better outcomes for jobs and growth when shocks hit. recognising the value to society of price stability is one thing, delivering it is quite another. the bad old days prices were anything but stable during the 1970s and 80s. with the collapse of bretton woods in 1971, uk monetary policy lost its nominal anchor. there followed a series of botched experiments, with targets for incomes, monetary aggregates and the exchange rate. the costs of such failures were enormous, with prices rising by 750 % in the twenty - five years to 1992, more than over the previous two hundred and fifty years. unemployment was high and growth volatile. the inflation target rose from the ashes of the erm debacle twenty five years ago this month, marking the point when price stability became the unambiguous objective of uk monetary policy. the new framework was a success, though only a partial one. that ’ s because, with interest rate decisions still made by the chancellor, it wasn ’ t fully credible. experience teaches that political control of monetary policy decisions suffers from time inconsistency, in which policymakers promise low inflation, then go for faster growth and ultimately achieve neither. conversely, welfare can be improved if governments first choose the preferred rate of inflation and then delegate operational responsibility to the central bank to achieve it. all speeches are available online at www. bankofengland. co. uk / speeches the uk framework for monetary independence so it was in 1997 when gordon brown boldly gave the bank of