the euro area. … a number of central and eastern european transition countries have already achieved a high degree of trade and financial integration with the european union and have reached quite close convergence with these countries. as a next step, this economic integration has to be deepened and complemented by institutional integration. finally, the efforts of these countries to become members of the european union will further enhance their integration into the world economy. personally, i am convinced that both the economic preparations during the preaccession period as well as the accession itself will boost structural reforms and developments, thus reinforcing the dynamic structural adjustments that we have witnessed as a consequence of transformation in general and trade liberalization under the europe agreements ( ie the eu association agreements ) in particular. companies seem to have started already to take into account the perspective of eu enlargement for their investment decisions. moreover, the adoption of the acquis communautaire and the process of institution - building for an effective implementation of this acquis will harmonize and improve the institutional and legal setup in these countries. … before concluding, let me come back to an important issue i already touched briefly - central bank independence. what does the european union mean by “ central bank independence ”? basically, it is independence from other authorities, in particular political authorities, in the conduct of monetary policy and, more broadly, in the performance of all the tasks that are related to the escb, the european system of central banks, in which the central banks of all eu member states participate. central bank independence is essential for the credibility of the european system of central banks and for the effective conduct of a stability - oriented monetary policy. independence has three main dimensions - the institutional, the personal and the financial dimension. • institutional independence primarily means that central banks are prohibited from seeking or taking instructions from community institutions or bodies, from any government of a member state or from any other body. likewise, rights of third parties to approve, suspend, annul or defer central bank decisions on escb - related tasks are incompatible with the eu treaty. the same is true of any rights to censor such decisions on legal grounds. • personal independence is about ensuring tenure for members of the escb ’ s decisionmaking bodies by minimum terms of office and giving protection against arbitrary dismissal. to make this latter aspect more concrete, a central bank governor may be relieved from office only if he or she no longer fulfills the conditions required for the performance of his or her

in water management, in roads and ports and in cold storage facilities. south african firms in the agricultural and agro - processing sector have the expertise, the know - how and the capital to invest in food production and processing on the continent. again, there are strong backward linkages between such investments abroad and jobs back home. it is often said that all economic progress is about moving up the value chain, producing ever more complex products. this can only be done through partnership and cooperation between bis central bankers ’ speeches the state, the private sector and our education and research communities. a major area of focus for the country is the manufacturing sector. manufacturing is important because it is a sector where productivity levels are already relatively high and the sector is able to generate well - paying jobs for millions of people. a major obstacle to faster growth in manufacturing has been a shortage of high level technical skills. that is where you come in. this university is at the cutting edge of producing the type of skills required for our manufacturing sector to move up the value chain, to enhance productivity and grow our exports. the central university of technology is the home of the centre for rapid prototyping and manufacturing. this university, supported by the national research foundation, is investing heavily in research in ‘ additive manufacturing ’, also known as 3d printing. 3d printing is likely to revolutionise aspects of manufacturing, lowering barriers to entry and allowing mid - sized economies to compete more effectively with other global players. these are exciting developments and i have no doubt that this university will play a greater role in helping our country to develop its advanced manufacturing sector. in conclusion ladies and gentlemen, despite significant challenges, south africa as a nation is in the process of determining its future ; it is a country that is growing, and with that growth comes opportunities. we must continuously raise the quality of our education system ; continuously keep up with the best developments globally so that we can produce young graduates who are at the cutting edge of the fields that they enter ; young people who will shape the future, drawing on the extraordinary strengths of all south africans. the future is contested terrain, and it will be determined by our vision of what that future could be and what we, together, do. it is largely in your hands now. again, thank you for this honorary doctorate. i humbly accept it on behalf of all south africans who are making a contribution to build a non - racial, democratic and prosperous south africa. thank you. bis central bankers ’ speeches