We therefore like to think that the Study Center Gerzensee make a humble contribution to integrating African central banks into the global central banking network. The EMF has chosen to come to Gerzensee to address the challenges that emerging Africa is facing. Undoubtedly, these challenges are enormous. In recognition of the importance of this gathering, the SNB is proud to host your deliberations. The EMF and the Swiss National Bank share the view that private investment is ultimately the driver of sustained economic growth and poverty reduction. However – and I think that we would again agree – public policy matters a great deal. It does so primarily by providing a sound macroeconomic environment, by improving financial markets, and by strengthening property rights and institutions. Institutional weakness has, of course, received much attention in the recent past. Every year, the World Bank’s Doing Business Report points out the same three main obstacles to private investment activity in Africa: a massive bureaucratic burden, widespread corruption, and the resulting high cost of doing private business. Other areas of public policy that aim to promote economic activity generally receive less attention. The fight against red tape and corruption is unquestionably important. But progress in macroeconomic and structural policy should not be overlooked. As a central banker, I would like to take this opportunity to review progress in those areas which are related to the activity of monetary authorities.
Based on my experience as a central banker for more than 30 years, it requires a deep understanding of the economy and the financial system to make the right policy decisions. Such policy formulations needs to be based on rigorous assessments that provides the insights that will guide the decision making process. This is aided by relevant statistics, and complemented by sound judgement. Central banks are therefore not only major consumers of statistics, but also producers and disseminators of monetary and financial data. More importantly, central banks, have placed much importance on providing sufficient analysis and assessment in conjunction with the release of statistics. This aims to provide context, avoid misinterpretation and reduce uncertainty for the economic agents. BIS central bankers’ speeches  1  Key global trends shaping the universe of statistics As the world evolves, two key trends have emerged and in turn, created new and diverse demands, challenges, and opportunities in the field of statistics. First, the steady liberalisation and deregulation of economies and financial markets have resulted in intricate interlinkages within domestic financial systems and spanning across borders. While financial markets have become more interconnected globally, capital and labour mobility across borders have also intensified while trade and investment barriers have been dismantled. This has resulted in closer proximity to growing markets and facilitated the creation of globalised supply chains by corporations. These developments have had wide ranging benefits, including better risk diversification, improved efficiency and greater economies of scale.