Conclusion I’ll conclude with this: If the history of central banking teaches us one thing, it’s that “necessity is the mother of invention.” Severe crises demand innovative and decisive responses, and the Federal Reserve is striving to deliver just that. These are unprecedented times, and the pandemic presents truly unique challenges. However, the actions we have undertaken harken back to why the Federal Reserve was created in the first place. That is, to do what only a central bank can do: to keep credit flowing when fear and uncertainty take hold, and in that way to foster a strong economy with maximum employment and stable prices.1234567 1  More information about this financial crisis can be found in Donald P. Morgan and James Narron, The Final Crisis Chronicle: The Panic of 1907 and the Birth of the Fed, Federal Reserve Bank of New York Liberty Street Economics, November 18, 2016. 2  For a more detailed overview of the Federal Reserve’s responses to the pandemic-related disruptions in financial markets, see Michael Fleming, Asani Sarkar, and Peter Van Tassel, The COVID-19 Pandemic and the Fed’s Response, Federal Reserve Bank of New York Liberty Street Economics, April 15, 2020. 3  The impact of these strains on liquidity in the Treasury market is discussed in Michael Fleming and Francisco Ruela, Treasury Market Liquidity during the COVID-19 Crisis, Federal Reserve Bank of New York Liberty Street Economics, April 17, 2020.
Caleb M Fundanga: Relations between the Embassy of France and the Bank of Zambia Speech by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the signing ceremony of the memorandum of understanding between the Embassy of France and the Bank of Zambia, Lusaka, 18 January 2005. * • • • •  *  *  Your Excellency, the Ambassador Members of the Press Distinguished Invited Guests Ladies and Gentlemen  It gives me great pleasure to welcome you all to the signing ceremony of the memorandum of understanding (MoU), governing the conduct of French lessons, between the Embassy of France and the Bank of Zambia. For some time now, our two institutions have been collaborating closely on the details of this MoU to ensure that it captures the mutual interests and aspirations of our two institutions. Although it has taken a bit of time to complete due to circumstances beyond our control, it is pleasing to note that we are now able to conclude it. Your Excellency Let me begin by stating the reason for our existence as a central bank. Our Mission Statement is to, I quote: “formulate and implement monetary and supervisory policies that ensure price and financial system stability” End of quote. In order for us to achieve this Mission Statement successfully, we need competent and skilled staff who are able to communicate effectively with a wide range of clientele at international, regional and national fora where the bank’s and, indeed, the nation’s interests are advanced.