Without their support, it would have been very difficult to complete this phase of the Survey. Distinguished Guests, As you are aware, the Zambian economy has recorded significant positive developments in the recent past, owing to the wide-ranging economic reforms the Government has been implementing since 1992. The reforms, which are aimed at stabilising the economy and supporting economic recovery for the purpose of reducing poverty among our people, have facilitated increased investment in various sectors of the economy, such as, agriculture, tourism, construction and manufacturing. As you may also be aware, the mining sector has attracted unprecedented amounts of investment in the recent past. Government’s economic reforms since the early 1990s have contributed immensely to the boosting both local and foreign investors’ confidence in the Zambian economy, which is an important pre-requisite for attracting capital flows. The survey findings that we are disseminating today indicate that Foreign Private Capital flows to Zambia in 2007 rose to US $ million from the US $ million recorded in 2001. The 2007 inflows were largely in form of foreign direct investment, borrowing from nonaffiliates (Loans and Trade Credits) and portfolio investment. We believe that the introduction of economic reforms led to a substantial increase in private capital flows, which regrettably, we have not been able to capture on a regular basis due to budgetary constraints. Mr. Chairman, History has taught us that high volatility in private capital flows, if not properly monitored and managed, can induce financial and macro-economic instability in the domestic economy.
Luis M Linde: International financial integration and fragmentation. Drivers and policy responses Opening remarks by Mr Luis M Linde, Governor of the Bank of Spain, at the Conference on “International financial integration and fragmentation. Drivers and policy responses”, organized by the Reinventing Bretton Woods Committee and the Bank of Spain, Madrid, 12 March 2013. *  *  *  Good morning to all. Buenos dias a todos y bienvenidos a Madrid: It is for me a pleasure to welcome you to Banco de España and to this Seminar on international financial integration. I would like to start by thanking Marc Uzan and the Reinventing Bretton Woods Committee for their fruitful cooperation in organizing an agenda that is indeed very promising. More than five years into the crisis, it is still hard to grasp the real magnitude of the changes that our financial systems are undergoing. In fact, we are still trying to restore the financial channels to support the growth of internal and external demand. While we perform such, so to say, “fire-fighter task”, it is not easy to take a step back and look at how the contours of our economic and financial landscape are evolving. But we can already distinguish some of the characteristics of the new scenario that is taking shape, and that will be our habitat as central bankers, regulators, financial intermediaries or analysts in the years to come.