so, bolster their capital position and therefore their capacity to extend loans. in the case of insurance companies, the situation is not as clear cut, especially if they ’ ve already used all their scope for diversification towards assets with a higher risk profile than sovereign debt. has the ecb entered into an exchange rate war by launching a programme that puts pressure on its currency? no. the exchange rate is not an objective of our monetary policy. our objective is to maintain price stability over the medium term. right now that means avoiding inflation staying too low for too long. the level of the euro depends on a number of factors, including the monetary policy decisions of the ecb, but also those of other countries, in particular those of the us federal reserve. but it seems to me that the exchange rate now reflects the economic divergence that exists between the united states and the euro area better than it did before. has the ecb exhausted its options with qe? no, the central bank would still be able to act should that turn out to be necessary. but let ’ s not talk about new measures when a programme involving monthly purchases of €60 billion is about to get under way and many conditions are in place for it to be effective. are you satisfied with the risk - sharing solution that has been found? yes, i am. whatever people say, since the liquidity injections will happen at the right time and will benefit the economy, the debate on loss - sharing ought to remain theoretical. the most important thing will have been to avoid being paralysed by this debate when taking our monetary policy measures. finding a lasting solution to this thorny question is outside our remit. it would involve putting in place a fiscal union at the political level, which is a task that lies ahead. bis central bankers ’ speeches

linah k mohohlo : official launch of new botswana coins welcome remarks by ms linah k mohohlo, governor of the bank of botswana, at the official launch of the new coin, gaborone, 27 february 2014. * * * on behalf of the board and staff of the bank, i welcome you, sir, your excellency the president and all invited guests, first, to the bank ’ s impressive premises ; second, and more fittingly, to this event, the proceedings of which will culminate in the official launch of the new family of botswana coin. i wish to acknowledge the presence of your lordship the chief justice rre dibotelo, and your excellency the former president, sir ketumile. the honourable minister of finance and development planning, rre matambo, and your honourable cabinet colleagues, the honourable deputy speaker of the national assembly, members of the diplomatic corps, chief executive officers of banks and other financial institutions, distinguished ladies and gentlemen – your presence too is acknowledged. your excellency, as and when we have the opportunity to host you in the bank ’ s premises, as is the case this morning, we feel distinctively honoured. it is all the more so when we are privileged to host you on this particularly special day, february 27. happy birthday your excellency, and many happy returns. i take pride in paving the way for you, sir, to launch the new family of coin and declare them legal tender in botswana, so that they can be available for public use in daily transactions. indeed, the public and business community are anxiously looking forward to the new coins. i have only a few remarks to make before i make way for appropriate officiation. in line with international best practice, the bank embarked on a comprehensive review of the denominations, composition, form and design of the country ’ s currency some years back. once the honourable minister of finance and development planning had given the go ahead, in line with the relevant section of the bank of botswana act ( section 24 ( 2 ) ), the first step of this exercise involved a renewal of all banknotes in 2009, which resulted in the issuance of the pula banknotes currently in circulation. now we have a new set of coin, soon to be launched, the make - up and denomination of which i leave for his excellency the president to speak to. in fact, your excellency ’ s input and guidance