To all the prize winners for 2006, I extend my sincere and heartfelt congratulations for well deserved awards. Please remember that it is not enough to only enjoy the glory of the moment, but also to take the responsibility to act as mentors to emergent writers. I believe that what the journalist fraternity needs is not individuals who excel alone, but a cadre of responsible reporters that leave an outstanding legacy. Let me also take this opportunity to thank ACCA, the sponsors of this event and prizes for their continuing support to economic, business and financial journalism. In conclusion, allow me to encourage our journalists to compete for international media awards as well. This will be the true barometer of where you stand as Zambian journalists because you will be judged against international best practice which is, in turn, the true barometer in global economy. As your patron, I wish you all the best in this and future endeavors that seek to raise the standards of journalism in the country. I thank you. 2  BIS Review 10/2007
The Commission’s recovery fund proposal is clearly a key building block in delivering on this goal. But the European level cannot be expected to do it alone. Crucially, the recovery fund will only reach its full potential if it is firmly rooted in structural reforms conceived and implemented at the national level. We will get a “bigger bang” for each euro spent if countries conduct the structural reforms they need at the same time. As an illustration, ECB research shows that in the event of a common shock hitting all euro area countries – of the type we have just seen – those with less efficient economic structures can on average suffer up to twice the output loss of a country that is at the frontier of institutional parameters.7 The Country Specific Recommendations identify further helpful reforms. In Italy’s case, I understand that these recommendations call for, among other things, investing in digital infrastructure for education and training, promoting renewable energy production, developing ebusiness models and modernising public administration. Such reforms – designed and owned by you – are indispensable to capitalise on this moment. 3/4  BIS central bankers' speeches  Conclusion I therefore encourage you, as policymakers, not to let this crisis go to waste. My institution, the ECB, will play its part within its mandate. But it is for you to prove to citizens that our societies will emerge from this transformation stronger and greener.