Indeed, at that time, the ECB was subject above all to criticism contrary to that levelled by Franco Bruni. At least three European heads of state, and many ministries of finance, not to mention business people, trade unionists, journalists, politicians and commentators, exerted public pressure on the ECB to finally cut rates. And when, at the end of 2005, the ECB decided (rather late, in Bruni’s opinion) to increase them, many of those persons lined up, together with renowned international institutions, to severely censure the decision, because  1  2  La Stampa, 2 December 2005. BIS Review 82/2009  they felt it would have cut off the legs of the recovery. The ECB is independent, fortunately, and cannot dump on others the responsibilities of its own choices. But what we should not forget is the context in which it operates, largely influenced, also in the countries of continental Europe, by an “activist” vision of monetary policy with an Anglo-Saxon inspiration. It is also surprising how the teachings taken from that period of monetary policy are quickly put aside when you go from the historical analysis to that of the economic juncture, in particular the current economic situation.
The Bank of Zambia has continued to encourage local banks and other financial institutions to partner with international financial institutions and other banks in Africa, Europe and Asia. In this regard, in December 2007, the Bank organised a forum to exchange information on sources of finance in Lusaka. The forum was well attended and the international institutions showcased their products to their local counterparts. I am happy to note that institutions present here today such as Zambia National Commercial Bank, AFREXIM Bank, PTA Bank, ALS Capital and Loita Capital were all represented at the forum. I imagine that such fora are  2  BIS Review 77/2008  instrumental in structuring tangible financing agreements like the ones we are witnessing today. Finally, I would, like to request all parties involved in the management of these facilities to ensure that the funds reach the intended beneficiaries and that controls are put in place to avoid abuse. The beneficiaries should also ensure that their projects are implemented effectively and expeditiously without any delay. In this regard, may I request the Zambian Mining Services Companies and the Export Fund of Zambia to take necessary measures in a timely manner to fulfill the requirements for declaring these loans effective and for starting implementation. I would like to wish all those involved success in their management of the funds and implementation of the projects so that we can ensure that the development impacts expected from these important initiatives become a reality for the intended beneficiaries and the country at large.