Today, we see a clear light at the end of the tunnel and the tunnel is becoming wider and wider, making our journey more exciting and pleasant, but yet tough and adventurous. It is not only in cricket that we are excelling today. We are making our mark on many other areas as well. Let us then, as a region, take our rightful place in the League of Nations by showing that we can develop economically to reasonable levels quickly and in a sustainable manner. Our people are responding. Our people are becoming more conscious that better living standards are possible. They are increasingly showing that they are prepared to work towards that goal. Our collective work ethic and productivity standards are improving. Let us support and intensify these efforts and amplify the trends. Let us keep the momentum going. Let us implement, implement, and implement! Mr. Chairman, the Global Management Summit organized by you provides an excellent forum for all of us to learn from each other and shape our strategies. Let us use this opportunity to fine-tune our own knowledge and skills and move with confidence towards delivering sustainable growth to our economies and usher better lives for our people. That is my wish for all of us and I am certain that we would have the energy and the resilience to succeed. Thank you. BIS Review 29/2008  7
It not only creates a climate for higher economic activity over the medium term, but also reduces the economic and social inequalities caused by the asymmetric distribution of the costs of inflation among the various economic agents. 4  BIS Review 149/2010  Financial system stability and the role of central banks in banking supervision Ladies and Gentlemen, the design of prudential regulation plays an important role from a growth perspective. Supervision is the guardian of financial stability, which in turn crucially determines the capability of the financial system to allocate resources efficiently and absorb liquidity shocks. Financial crises can have a deep and protracted impact on economic growth, as illustrated by several episodes of financial instability that occurred in many countries. The contribution of prudential supervision to economic growth proceeds along two dimensions. From a preventive perspective, supervision has to ensure a continuous and comprehensive monitoring of all the potential threats to financial stability. The role of supervision is also crucial after the emergence of a crisis, in order to provide for a swift and ordered resolution. Supervisors can only be effective in these two respects if they are able to pay sufficient attention to systemic issues, namely the risk of contagion effects. Policy measures aimed at development of capital markets Ladies and Gentlemen, despite the threat of the recent global financial crisis, the Zambian financial sector is currently resilient. The level of liquidity is also high, spurred largely by tighter lending conditions as banks slowed down on lending to the private sector.