I remember  BIS central bankers’ speeches  3  the speech our distinguished guest delivered at the end of his ECB tenure and the fact that the closing remarks showed not only a good sense of humour, but also a subtle comprehension of the manner in which physical distances and especially distances in time alter the assessment of individuals and, if I may add, of events. Please allow me to read the final part of the aforementioned speech, which presents the timeline of the news published by Le Moniteur concerning the return of Napoleon from his exile on Elba Island: 10 March – “The Corsican ogre has landed at Cape Juan”; 11 March – “The tiger is in Gap. Troops are on their way and will stop him. He will end his miserable adventure as a homeless refugee in the mountains”; 12 March – “The monster succeeded in proceeding to Grenoble”; 13 March – “The tyrant is now in Lyon. Horror has caught the people”; 18 March – “The usurper is some days’ march distant from Paris”; 19 March – “Bonaparte approaches in a hurry, but he will not succeed in advancing to Paris”; 20 March – “Napoleon will be in Paris tomorrow”; 21 March – “Emperor Napoleon is in Fontainebleau”; 22 March – “Yesterday evening His Majesty celebrated his arrival in Paris. The jubilation cannot be described”.
We must, with conviction and courage, move towards realizing our growth targets, while improving our macroeconomic fundamentals. If we can achieve 8% growth on a continuous basis for 8 or 9 years, we would be in a position to double our per capita income. For a country like Sri Lanka that would mean we would reach a per capita income of around $ 3,000 by the year 2015, from our current per capita of around $ 1,600. That is not an impossible dream. Sri Lanka has shown that, with determination and a clear focus, it can be done. In fact, from 2005 to 2007, our per capita income shot up by nearly 30%! These successes can be maintained, but that could only be done with hard work and more hard work. Mr. Chairman, South Asia, the huge giant, is finally waking up from its’ deep slumber. This giant had been taking a long rest, after enjoying a glorious past. A huge giant cannot stir, without the world around noticing the rumble. All recent indications are that the world is certainly taking note of this re-awakening. It is time for all of us in this region to capitalize on  6  BIS Review 29/2008  this new visibility. All of us who are in this region know that our destinies are linked. We rise and fall together.