On Friday, 29 September 2006 at 12.00, at the Head Office of
the Bank of Greece Professor Alexandre Lamfalussy gave a lecture in honour of
Professor Xenophon Zolotas entitled: ''Monetary Policy
and Systemic Risk Prevention - Challenges ahead for Central Banks''.
In his lecture, Professor Lamfalussy addressed the issue of
the systemic stability of the international financial system. He argued that
policy-makers are currently at a crucial juncture. Whilst the excess liquidity
that exists in the world economy is unlikely to have much of an impact on
inflation, its consequences for financial fragility are less clear, especially
in conditions of global imbalances and rapid financial innovation. In such an
environment, the tasks of managing the excess liquidity and of pushing on with
the implementation of a strong regulatory framework represent the major policy
challenges which face central banks at this time.
Professor Alexandre Lamfalussy is a distinguished economist
and one of the leading central bankers. He was, among other things, General
Director of the Bank for International Settlements, President of the European
Monetary Institute and Chairman of the Committee of Wise Men on the Regulation
of European Securities Markets.
The lecture was attended by the Minister of Economy and
Finance, bank executives and members of the academic community.
Professor Alexandre Lamfalussy
The Governor of the Bank of Greece Nicholaos C. Garganas and Professor Alexandre Lamfalussy