BIS central bankers’ speeches  1  •  But Mark is one of the few who understand both worlds well, equally versed in the big, strategic issues related to macroeconomics and monetary policy and the nuts and bolts of financial markets and regulation. •  It is this combination that has enabled Mark to bring to our meetings a breadth of vision and depth of insight that make people sit up and listen. •  He has a knack for “herding the cats” as it were, bringing people together and finding consensus in the cacophony of views that international meetings are noted for. •  And Mark does this with a cheery disposition, a witty sense of humour, and considerable charm. Ladies and gentlemen, please join me in warmly welcoming Mark Carney. 2  BIS central bankers’ speeches
The most pressing challenge, therefore for the global economy, is to generate an economic recovery that is balanced and sustainable. Although the growth momentum has improved in a number of major economies, the growth has thus far been modest. In addition, weaknesses in several major economies continue to point to a global economy that remains vulnerable to downside risks. While the growth performance in most emerging economies is projected to moderate, collectively emerging market economies remain an important driver of growth of the world economy. A less robust external sector, BIS central bankers’ speeches  1  slower domestic demand and specific domestic factors are amongst the reasons for this growth performance. In Asia, the growth for 2015 is projected to be sustained at 6.4%, while growth in the ASEAN-5 is projected to be in the region of 5%. A further phenomenon affecting the global economic performance is the significant decline in global oil prices. While this has partially offset the weaker-than-expected growth momentum in some of the advanced countries, it has, in different degrees, adversely affected the oil exporting economies resulting in divergent growth performance across and within regions. Overall, however, the global economy is expected to benefit from the lower oil prices. A further recent development is the consequences of the unprecedented and divergent monetary policies being pursued in the major economies which have now resulted in significant policy spillovers to other parts of the world.