As with the other denominations, we are once again providing information in print and online, and we have of course updated our ‘Swiss Banknotes’ app. The new 100-franc note will be issued starting next Thursday, 12 September 2019, at our counters in Berne and Zurich and at the SNB’s agencies. For logistical reasons, it will take a few days before the new notes are available country-wide. And now, having unveiled the new 100-franc note, I’d like to show you the entire set. Here it is: the complete ninth series, inspired by ‘The many facets of Switzerland’. The vibrant colours and the aesthetically pleasing and intricate design of the series are particularly striking. Switzerland’s many facets are showcased using core design elements such as the hand, the globe, a Swiss location and an object, which are easily recognisable and recur throughout the banknote series. The theme of each note is illustrated via a hand gesture. On the 50-franc note, the hand is holding a dandelion, whose seeds are carried away on the wind. On the 10-franc note, a conductor’s hand sets the tempo for the orchestra. The shimmering globe reflects how Switzerland sees itself as part of an interconnected world. In the sequence of notes from 1000 francs to 10 francs, the earth rotates once on its axis and passes through one full day. The places depicted on the back of the notes are emblematic of various locations in Switzerland. Together, the six notes illustrate the diversity of our country.
In particular, according to the European Commission, the eurozone, - a destination for more than half of Poland’s exports - is expected to grow at 2.1 percent in 2006 and 1.8 percent in 2007, which is significantly above a eurozone average growth rate in the years 2002-2005 when it stood at 1.2 percent per annum. There are numerous risks to these forecasts and the balance of risks is slanted to the downside. The International Monetary Fund in its World Economic Outlook published in April 2006 3 mentioned four risks: high and volatile oil prices, tightening in financial market conditions, rising global imbalances and an avian flu pandemic. Let me now comment briefly on three of the risks, and I will address the fourth - financial markets conditions a little later. So far high oil prices have had a remarkably small impact on world growth and world inflation in comparison with previous oil price shocks. For example, in one of the recent speeches 4 titled “Has oil lost ability to shock?” David Walton, member of the Bank of England’s Monetary Policy Committee, analyzes five episodes in which oil prices have risen significantly and tries to uncover the reasons for the relatively benign outcome on this occasion. He comes up with two key conclusions: (1) this time the shock has taken longer to unfold and the economy is less dependent on oil; (2) both monetary policy conduct and monetary policy framework focused on stabilizing inflation have anchored inflation expectations well and prevented the second round effects, ie.