•  The AFLP will be administered jointly by Temasek Management Services and Singapore Management University, with the first intake of AFLP participants slated for November this year. Conclusion 46. Singapore’s financial sector has thrived on constant adaptation: the development of new capabilities and instruments, a willingness to take risks, and at every stage the evolution of regulation and risk-management practices so that we can mitigate the downsides inherent in the business. 47. We are now embarked on our next phase of development as a financial centre. It will be driven by deeper collaboration between MAS and the industry, a collective effort to leverage on new technologies, and by staking a position as a leading global centre of financial skills and expertise. The exciting thing is that we can actually achieve this. 6  BIS central bankers’ speeches
As you know, regarding interest rates, the Governing Council early December decided to lower the key ECB interest rates by 25 basis points, following a 25 basis point decrease on 3 November 2011. As regards the short-term growth outlook for the euro area, the intensified financial market tensions are continuing to dampen economic activity in the euro area and the outlook remains subject to high uncertainty. Euro area economic activity should recover, albeit very gradually, in the course of 2012, as also projected by Eurosystem staff in early December. Substantial downside risks to this economic outlook nevertheless remain. With regard to price developments, inflation was 3.0% in November. Inflation is likely to stay above 2% for several months to come, before declining to below 2%, which view is also broadly confirmed in the December staff projections. Given the environment of weaker growth in the euro area and globally, underlying cost, wage and price pressures in the euro area should also remain modest. Risks to the medium-term outlook for price developments remain broadly balanced. The latest monetary data reflect the heightened uncertainty in financial markets. Looking beyond short-term volatility, the monetary analysis indicates that the underlying pace of monetary expansion remains moderate. The Governing Council of the ECB is determined to ensure that inflation expectations continue to be firmly anchored in line with our aim of keeping inflation rates below, but close to, 2% over the medium term. BIS central bankers’ speeches  1  Let me now turn to the latest non-standard measures.