I will then broaden my perspective and turn to the question on the role of finance for economic growth more generally. So let me briefly discuss how we reached the point where we stand. Following the November 2008 meeting in Sao Paulo, the G20 meetings in Washington in the same month, in London in spring 2009 and finally in Pittsburgh in autumn 2009 led to an agenda for putting financial regulation on better footing. Already the declaration of the Washington Summit established the major principles that should henceforth guide the reform of financial markets: first, strengthening transparency and accountability; second, enhancing sound regulation; third, promoting integrity in financial markets; fourth, reinforcing international cooperation; fifth, reforming international financial institutions. As for the call for better regulation, the declaration pledged “to strengthen our regulatory regimes, prudential oversight, and risk management, and ensure that all financial markets, products and participants are regulated or subject to oversight, as appropriate to their circumstances.” The G20 Leaders’ Statement of Pittsburgh in 2009 foresaw “strict and precise timetables” for the implementation of the reforms. However, after the initial impetus following the impression of the climax of the financial crisis, the steps to reform have been frequently criticized to have lost momentum. In fact, the Financial Stability Board has put in place a framework to monitor the progress on implementing the G20 financial reforms. This shows that for some of the  1  See http://www.g20.org/index.aspx for the G20 statements.
For Kabwe Municipal Council, the main accountability and responsibility will be to maintain and preserve the tree and its surroundings to ensure that the area is well protected and cleaned. The Bank has also worked closely with Zambia Electricity Supply Corporation (ZESCO) who have kindly facilitated the provision of power to enable us light the MUKUYU TREE on a continuous basis. We have also worked closely with the National Heritage Conservation Commission whose input has been invaluable in providing insight into the history and status of the MUKUYU TREE as a national heritage site. On behalf of the Bank of Zambia Board of Directors, senior management and staff and indeed on my own behalf I wish to thank all our partners for the good cooperation and oneness of vision that has culminated in the commemoration and re-launch of the MUKUYU TREE today. Distinguished Guests Before I conclude my speech, I wish to pose a challenge to the general members of the public and in particular to the people invited to grace this occasion today. The MUKUYU TREE has been identified and depicted as a national monument under the Laws of Zambia. By this assignment the tree belongs to all ZAMBIANS, young and old alike. My challenge to you all is to cherish it and preserve it.