The ECB has had to use different instruments at different stages of the crisis. Now the economic and financial situation in Europe is significantly better. Financial fragmentation has receded, Member States have made significant efforts towards economic convergence and the governance of the euro area has been strengthened. We are gradually moving out of the  BIS central bankers’ speeches  1  crisis phase into a different environment, with the focus shifting from solving the crisis to ensuring stable economic growth and inflation close to 2%. It requires a different approach and different instruments. The developments beyond our eastern border are the big topic of debate in Poland at the moment. Could the conflict between Russia and the Ukraine affect Europe and its economy in any way? The impact on trade or the financial system has thus far been limited. But this situation does give rise to uncertainty, so it can be regarded as a potential negative factor that could hinder economic growth in Europe, and that is part of our risk assessment. What about the strong euro? Aren’t you worried it could cause problems for European exporters and hinder the recovery? The ECB doesn’t target the exchange rate. Our primary mandate is price stability, and within this mandate, the exchange rate of the euro is among the factors determining the level of inflation. And indeed, the strong euro is contributing to the current low inflation.
I am also delighted to welcome to our shores and the conference the Secretary General of ASBA, Mr. Rudy Araujo, the Chief Representative of the BIS Office of the Americas, Mr. Gregor Heinrick, the Senior International Adviser of the Comptroller of the Currency, Mr. Lester Miller and Advisor on Economic Crimes in the US Treasury Department, Mr. Thomas Noller. I have no doubt that your considerable experiences will add value to this conference. It is also fitting that I welcome the Hon. Minister of Finance, Dr. Ashni Singh and the Hon. Minister within the Ministry of Finance, Bishop Juan Edghill. The importance of this Conference is underscored by the fact that both Ministers enthusiastically agreed to adjust their work schedules to be present at this opening ceremony with Dr. Singh consenting to deliver the feature address. Delegates and invitees can expect a very insightful presentation by the Minister. Ladies and gentlemen, the theme of the Conference refers to the evolving financial landscape which is quite evident in many tangible forms though not always easily manageable. As a matter of fact, the changing financial landscape has brought challenges almost every step of the way. It is a testimony to the quality of our regional banking supervisors and the support and nurturing provided by the Caribbean Group of Banking Supervisors over the years that our region met the challenges posed by the changing landscape and has remained safe and sound.