%. taking into account all available information, the euro area economy is currently experiencing an episode of weak activity characterised by high commodity prices weighing on consumer confidence and demand, as well as by dampened investment growth. we expect this episode to be followed by a gradual recovery. in particular, if persistent, the fall in oil prices from their peak in july will help strengthen real disposable income, with the level of employment remaining high and the unemployment rate low by historical standards. moreover, growth in the world economy is expected to remain relatively resilient, benefiting mainly from sustained growth in emerging economies. this should support external demand for euro area goods and services and thereby investment. this outlook is also reflected in the september 2008 ecb staff macroeconomic projections for the euro area. the exercise projects average annual real gdp growth in a range between 1. 1 % and 1. 7 % in 2008, and between 0. 6 % and 1. 8 % in 2009. in comparison with the june eurosystem staff projections, real gdp growth figures for 2008 and 2009 are lower. in the view of the governing council, the uncertainty surrounding this outlook for economic activity is particularly high at the current juncture and, generally, downside risks prevail. risks stem particularly from renewed increases in energy and food prices, which could dampen consumption and investment. moreover, downside risks continue to relate to the potential for the financial market tensions to affect the real economy more adversely than currently foreseen. the possibility of disorderly developments owing to global imbalances also implies downside risks to the outlook for economic activity, as do concerns about rising protectionist pressures. with regard to price developments, annual hicp inflation has remained considerably above the level consistent with price stability since last autumn, standing at 3. 8 % in august according to eurostat ’ s flash estimate, after 4. 0 % in june and july 2008. this worrying level of inflation is largely the result of both the direct and indirect effects of past surges in energy and food prices at the global level. moreover, wage growth has been picking up in recent quarters, at a time when labour productivity growth has decelerated, resulting in sharp increases in unit labour costs. looking ahead, on the basis of current commodity futures prices, the annual hicp inflation rate is likely to remain well above levels consistent with price stability for quite some time, moderating only gradually during the course of 2009. consistent with this view, the

is to mobilise up to us $ 5 billion in total under the fast - p platform. fast - p will target three key areas of green and transition investments that are most pertinent in the asian region. the energy transition acceleration theme will cover transition projects such as the managed phase - out of coal together with renewable energy replacement. the green investments theme will invest in projects involving mature technologies, such as scaling renewable energy, grid modernisation, and electric vehicle infrastructure. the clean technologies theme will focus on more emerging green technologies that are being piloted, such as the use of hydrogen and carbon capture, utilisation and storage. financiers and investors will form partnerships, managed by an asset manager, with dedicated investment and impact objectives for each investment theme. i am happy to share that we have formed partnerships with reputable like - minded players for two of the three investment themes. mas has signed a memorandum of understanding with allied climate partners, the international finance corporation, and temasek holdings on a green investments partnership. we will be entering an mou in two days'time with the adb and global energy alliance for people and planet ( geapp ), which is backed by the rockefeller foundation, bezos earth fund, and ikea foundation, on the energy transition acceleration partnership. conclusion let me conclude. we need to act fast, and we need to act together. 7 / 8 bis - central bankers'speeches in the 250 years since the industrial revolution, the world has built a highly carbon and energy intensive industrial structure, urban landscape, and modes of transportation. we now have less than 25 years to fundamentally restructure economies and societies to reach net - zero emissions. we need to act fast. public finances all over the world are in stressed conditions. there is ample private capital in the world - some $ 400 trillion in assets under management – yet so little of it is going into the net - zero transition effort. only by synergising the catalytic power of public capital and the abundance of private capital can we get transition finance right. we need to act together. so, act fast, and act together. thank you and i wish you a fruitful day at the singapore pavilion. 8 / 8 bis - central bankers'speeches