The growing sophistication of our increasingly global financial systems and the greater demand for accountability from our institutions mean that central banks need to have a substantial capacity to foster internal and external research. This entails a strengthening of the traditional ties between the academic world and the financial community. At a time when a far-reaching reappraisal of theoretical and practical economics is under way, the field of research is becoming ever wider, constantly drawing on new sources of experience and knowledge.
The role of the Fondation pour la recherche en économie monétaire, financière et bancaire is both to propose research topics and to provide a forum for exchange. It does so by means of an annual programme of calls for proposals that reflect the interest taken by central banks in issues of monetary and financial stability; by direct funding of research bodies and university symposia; and by means of events designed to publicize research findings within the Bank and among members of the banking and financial professions. The Foundation also invites renowned economists to the Bank, in order to set up a mutually beneficial synergy between the conduct of economic policy and publication in international journals.
I am certain that all of these efforts will help to strengthen the Foundation's reputation and will make a valuable contribution to the financial community.