Message from the Director General

Message from the Director General

Dear friends,

Looking ahead into my first year as General Director, allow me to reaffirm my commitment to the task entrusted upon me by CEMLA's Assembly, to which I herein wish to express my sincere gratitude for the opportunity to serve the central banks of our region.

I will certainly make every effort to foster a relation of confidence with our associate members and to promote a closer link with all of them. This dialogue will not only be cherished, but will be fundamental to the achievement of our common goals.

I am also looking forward to deepening our relationship with our collaborator members and with the central banks and prestigious national and international organizations that support our activities. Indeed, they will represent a fundamental component of our endeavors to pursue improved standards for our courses, seminars, workshops, publications and, in general, for all the Center’s activities.

The global financial crisis is radically transforming the role of central banks. Many central banks have embarked on unconventional monetary policy measures which, although necessary under current circumstances, are giving rise to new concerns. Furthermore, questions are being raised about the role of central banks in preventing the build up of asset price bubbles, the adjustments required in their lender of last resort function, their involvement in financial regulation and supervision, their coordination with other national and foreign institutions involved in these tasks and, in general, their responsibility in maintaining financial stability. Proper answers to these questions are not available yet, and we at CEMLA will monitor the unfolding of events which will still permeate our work and discussions for quite some time.

This year's program of activities reflects the mood of current circumstances without losing sight of the traditional and recurring needs of our member institutions. Understandably, issues deriving from the economic crisis will be of high priority in our work. On the other hand, important recently incorporated themes will continue to play a central role in our activities. Such are the cases for example of bancarization, financial education and inclusion, remittances, and innovative schemes for transnational payments. In carrying out this program, we will strive for an efficient and active contribution by CEMLA, in accordance with the institution’s mandate.

Looking over a longer term horizon, during 2010 we plan to develop a strategic plan that will orient CEMLA’s activities in coming years. The final objectives are to adapt the institution to changing conditions and to place it as a center of excellence in the promotion of knowledge of substantive central banking issues in Latin America.

Finally, I would like to convey to Dr. Kenneth Coates, on behalf of CEMLA's community, our praise and gratitude for his excellent work as head of our institution during the period 2001-2009. We wish Kenneth and his family all the best in their future endeavors.