16.11.2018  Remarks - First panel: “Central banks, macroeconomic stability and economic growth” Banco de España and European Institute of the Mediterranean with the support of the Central Bank of Tunisia Pablo Hernández de Cos Governor  In this first session of the conference we will focus on the role of central banks on both shores of the Mediterranean in contributing to the achievement of sustainable growth in the long term. Before giving the floor to our distinguished speakers, let me say a few words about the current global outlook and their implications for economic policymaking. At present, the global economy seems to be approaching its cyclical peak while the process of monetary policy normalization in the advanced economies continues, particularly in the United States. This process should normally precede the tightening of global financial conditions. At the same time, tensions in international trade remain, with the risk that disputes in this area will be solved with a greater use of protectionism to the detriment of a multilateral approach to the resolution of these conflicts; and, elsewhere, the markets of some emerging economies that had significant macroeconomic imbalances have undergone episodes of severe turbulence. We are therefore facing a phase of growth moderation with limited scope for economic policies. It would seem necessary to harness the current moment in which growth records are still satisfactory in order to generate margins that allow a certain countercyclical gearing of economic policies in the future.
Norman T L Chan: Master’s degree 2009–2010 graduation ceremony Speech by Mr Norman T L Chan, Chief Executive of the Hong Kong Monetary Authority, at The Chinese University of Hong Kong master’s degree 2009–2010 graduation ceremony, Hong Kong, 17 December 2010. *  *  *  Professor Wong, Professor Lee, Faculty Members, Graduates, Ladies and Gentlemen, It is a great honour to be invited to speak at today’s Graduation Ceremony. I am so happy to see so many fine men and women graduating today. All of you have made well earned accomplishments that make your parents and families feel very proud. On this joyful day, it is clearly a time for celebrations and photograph-taking with families and friends. However, some of you may, when you have a few quiet moments of your own, ask yourselves these questions : What would I become in 10, 20 or 30 years’ time? Have I chosen the right field or career? What does it take to succeed and make a name in the society as so many of my CUHK seniors have done before me? These are very pertinent questions and certainly I did ask myself these questions when I attended my own graduation ceremony in the CUHK some 34 years ago. In talking about successful people, I am sure all of us have our own idols. But very few people will disagree with me if I refer to Bill Gates as a prime example of success.