Therefore, as a token of their appreciation to UNZABECA, they have made a generous donation in the sum of K9.5 million. This donation, I hope, will go a long way in supporting UNZABECA programmes. However, may I caution you to manage these funds prudently and ensure that they are applied towards the attainment of the intended UNZABECA objectives. Please, do not be wasteful now that UNZABECA coffers are liquid! In conclusion, as Patron of UNZABECA, I look forward to being involved in UNZABECA activities. In this regard, I undertake to promote your activities, at any slightest opportunity, to other institutions, which would benefit from your services. With these few remarks, it is now my honour and privilege to declare the Bank of Zambia UNZABECA Lecture Series officially closed. I thank you. 2  BIS Review 74/2004
The total number of listed companies in the euro zone has increased steadily during the 1990s. This development also applied to the 'growth' stock exchanges. For instance, the number of companies listed on the pan-European stock exchange alliance EURO.NM increased by almost 100 per cent in 1999. It is not so strange that Europe cannot measure up to the USA on the financial markets, as the integration process has not come as far here. Whereas the USA has a large, integrated market, Europe has many small ones, which are also covered by different regulations. On the other hand, this means that there is great potential within Europe's financial sector. Intensive work is currently in progress to realise this potential. This includes the EU countries adopting a plan of action for financial services, that should be fully implemented by 2005. During the Stockholm European Council last weekend, the Heads of State and Government adopted the Lamfalussy Committee's proposals for a more effective legislation process in the field of finance in the EU. This was a very important decision. Today it takes an average of three years for the EU to make decisions on new regulations. Such a slow process is evidently a problem in the financial field, where development is otherwise very rapid. A regulatory system that does not correspond to reality can lead to both increased risks in the financial system and lower economic growth, as the finance markets' contribution to the rest of the economy will be lower than it could be.