It is for this reason, for example, that the Bank of Zambia has supported the work of journalists in understanding economic issues and supported their associations in improving the standard of journalism in Zambia. Further, the Bank of Zambia publishes its own inhouse magazine “THE ZAMBANKER” as well as more technical economic articles mainly written by staff on topical issues in the Zambian economy in “THE BoZ READER”. Although most of the articles have been written by staff in the Bank, we have always encouraged the public to contribute articles on issues relating to the Zambian economy. In this regard, I wish to once more extend an invitation to you all to contribute articles for publication in the ZAMBANKER or indeed the BoZ READER. BIS Review 74/2008  1  Distinguished Guests, In order to effectively address the issue of how to secure a sustainable economic future, the first point of call must surely be to address the issue of illiteracy in Zambia. A good number of our citizens especially those living in the rural areas are not able to read both in English or local languages. This is a major hindrance to sustainable economic development, as it makes it very difficult to transfer new technologies and skills to the rural populace – skills that are critical in improving health and education outcomes and harnessing the tremendous potential that this country possesses. The scenario in the urban areas, though slightly better than the rural areas, still leaves much to be desired.
Christian Noyer: Globalisation of capital markets Speech by Mr Christian Noyer, Governor of the Bank of France, at Paris Europlace, International Financial Forum, Tokyo, 27 November 2007. * * * Ladies and gentlemen, It is a great honour and a pleasure for me to speak before such a distinguished audience and I am delighted to be in Tokyo today. In the last decades, global economic growth, financial innovation and financial globalisation have progressed hand in hand. This does not exclude, of course, challenging episodes of stress, such as the current one. Financial globalisation is not a new phenomenon, but the scale and speed of the current phase of globalisation is unprecedented; cross-border and cross-market links are deeper than ever before. Events are still unfolding, but the dynamics of the current crisis has been a live experiment of how globalisation has modified the reaction of the financial system to shocks. The magnitude of possible losses is, in many respects, contained. Current estimates put the direct cost of subprime defaults at around 250 billions USD. It is significant but bearable, especially starting from a point of very favourable economic conditions and high profitability. Still, what began as a sound correction of the undervaluation of risks in the subprime market unravels as one of the major financial crisis of the past 10 years. Some scenarios considered as very remote crystallised on a large scale, while widely expected break-up points held up well. Hedge funds, once considered as a source of systemic risk, fared better than regulated institutions.