first time, we are communicating about future policy rates with a date, even if it ’ s still only indicative. in our jargon, we call this “ enhanced forward guidance ”. now that we have decided to end the net asset purchases, this enhanced guidance is necessary to anchor expectations. in the end, what will these three years of qe have achieved? don ’ t forget that these measures were decided on in autumn 2014, in the face of a slowdown in growth and a heightened risk of deflation. we needed to react very strongly. qe has considerably improved the financing conditions of households and firms, restarted growth and eliminated the risk of deflation. a spanish sme can now borrow at the same interest rate as a german sme. qe has been criticised for benefiting those most well off … i disagree. first, our monetary policy has helped the millions of unemployed who lost their job during the recession. the unemployment rate in the euro area is falling steadily, to a large extent thanks to monetary policy. 3 / 3 bis central bankers'speeches

cleviston haynes : the right mix of solutions to our challenges is within our reach welcome address by mr cleviston haynes, governor of the central bank of barbados, at the 33rd adlith brown memorial lecture, bridgetown, 8 november 2018. * * * it is my honour and pleasure on behalf of the management and staff of the central bank of barbados to welcome all of you this evening to this 33rd adlith brown memorial lecture, which is being held during the 50th anniversary of the annual monetary studies conference. dr. adlith brown, in whose name this series of lectures is dedicated, began her academic journey in 1968, the same year the regional programme of monetary studies was established. dr. browne would eventually become the fourth coordinator of this programme from 1980 – 1984. i did not know her personally, but there is an image in my memory of a slender, active lady at my first conference back in 1981. many complimentary remarks about her contribution to the profession and to this conference have been made by those who truly knew her. as this year marks the golden anniversary of the annual monetary studies conference, i am sure that all of you will agree that she would have been justly proud of this momentous achievement. tonight ’ s lecture will be delivered by the noted caribbean economist dr. arnold mcintyre. dr. mcintyre has built - up over three decades of regional experience in macroeconomic policy and economic research in small open economies, international trade policy and development and regional integration, as well as working with the regional institutions, namely the caribbean development bank, the organisation of the eastern caribbean states secretariat, the caribbean export development agency, the caribbean regional negotiating machinery ( now the office of trade negotiations, caricom secretariat ) and the caribbean regional technical assistance centre ( cartac ). his current post is deputy division chief, caribbean division 1, western hemisphere department, international monetary fund. his training, exposure and academic acuity renders him more than adequately qualified to speak authoritatively on caribbean economies. although, knowing arnold as i do, he may have been tempted to speak on our shared passion – west indies cricket. in several of our conversations about economic developments, he often says, “ ok. let ’ s now discuss what is truly important. ” tonight, however, it is caribbean economies that take centre stage. the focus of tonight ’ s lecture will be on the critical issues and challenges of strengthening economic growth and resilience in the caribbean. this topic is relevant and