other nine districts on the copperbelt put together. in addition, it was noted that the payments made to the farmers were growing steadily as evidenced by the increase from k19 billion ( kr19 million ) in 2010 to k58 billion ( kr 58 million ) in 2011 while members of the farmers union had accessed about k2. 4 billion ( kr2. 4 million ) in loans from banks outside the district for the 2010 / 2011 farming season alone. furthermore, the mission reported that 2, 700 residents of mpongwe, comprising government / civil service employees and registered farmers use the financial services located either in kitwe, ndola or luanshya. it must be noted that this number did not include other persons in the productive sector such as private businesses. distinguished guests, ladies and gentlemen, the report further observed that a total monthly wage bill of about k2. 8 billion ( kr2. 8 million ) was paid out to the residents of mpongwe in 2011. these funds did not include grants and other sources of funding utilized by various government organs and private individual and businesses. the area also has a number of commercial farmers including conglomerates such as zambeef who are engaged in producing crops like wheat, soya beans, barley and maize in large scale and employ a large number of permanent and seasonal workers. the potential for increased investments in agriculture and agro - processing industries is also enormous. the government ’ s focus developing the country through infrastructure development will therefore lead to the realization of this potential in the near future. mr chairperson, the bank of zambia is pleased to see natsave taking up the challenge and setting up this branch where other banks have failed. i am certain that this branch we are unveiling today will very soon become one of the most profitable branches in the entire natsave network. bis central bankers ’ speeches furthermore, it is heartening to note that natsave is not stopping here but is earmarked to open another branch in lufwanyama district on july 26, 2013 to increase its total branch network to 32. i wish to assure the board and the managing director of the bank of zambia ’ s utmost support as you expand your outreach to the areas which need financial services the most. i also wish to encourage other players in the banking sector to emulate natsave and set up branches in other unbanked districts throughout the country. distinguished guests, an important element for effective financial service provision is to complement

( tonne ) know christian noyer? he was the european central bank's inaugural vice - president in 1998. in 2003 he was appointed governor of the banque de france, and later he additionally became chairman of the board of directors of the bank for international settlements, a capacity in which i eventually succeeded him. moreover, we can both look back on a long period of close cooperation in the ecb ’ s governing council. he is now honorary governor of the banque de france and continues to play an active role in the world of ﬁnance, including as a member of the french high council of public finance or the board of directors at bnp paribas. christian, you have steered the banque de france with a steady hand through times of ﬁnancial and economic crisis in europe. as christine lagarde ( then managing director of the imf ) highlighted at your farewell symposium, you came to be known as the “ banquier anti - stress ”. [ 9 ] maybe your love of sailing helped you navigate the rough economic waters. that said, i am very pleased that you are not navigating the high seas today, but have chosen instead to share with us your profound assessment based on your wealth of professional experience. 3 jordi gali for a change of perspective, we turn to the point of view of a renowned researcher : jordi gali. jordi is a professor at pompeu fabra university ( upf ), a research professor at the barcelona graduate school of economics ( gse ) and a senior researcher at the centre for research in https : / / www. bundesbank. de / en / press / speeches / introductory - panel - statement - 846034 3 / 5 30 / 09 / 2020 introductory panel statement | deutsche bundesbank international economics ( crei ). previously, he held academic positions at new york university and columbia university, after earning his ph. d. at the massachusetts institute of technology ( mit ). jordi, your list of professional activities and publications is impressive. you are one of the leading proponents of new keynesian economics, pushing the research frontier on the analysis of business cycles, monetary and ﬁscal policies. together with richard clarida and mark gertler, you synthesised your thinking in a widely studied paper entitled “ the science of monetary policy : a new keynesian perspective ”. you wrote that article more than two decades ago, and your work since then has