Personal Reflection Paper Essay Example | Topics and Well Written Essays - 500 words

Individual Reflection Paper - Essay Example Life is more important than hiking undertaking. In this way, leaving sadhu to pass on for achieving corporate objectives is against the ethical measures of the general public. In addition, individuals should figure out how to advance affections for one another to have the option to offer some assistance in comparative conditions as opposed to letting our aspirations make us egotistical. The illustration of sadhu has uncovered a ton about the character of the corporate. Right off the bat, the anecdote uncovers how corporate citizenry are egotistical, flippant and childish. They invalidate the characteristics that comprise an individual who should impart life to the rest as expressed in your talk. Furthermore, it likewise shows how corporate individuals are unreasonable to the general public that characterizes their reality. The hikers, for example, McCoy have had extraordinary time finding out about the social acts of the local individuals. At the point when they discover one of the locals nearly demise on higher, solidified inclines of Himalayas, they pass duty, leaving the old sadhu to battle for his own life1. The illustration likewise uncovers recklessness of the corporate individuals to the general public. Each corporate part perspectives such people as sadhu as weight and can't step up to the plate and care for them. The corporate qualities material things inst ead of virtues. The climbers underlined that they to be sure helped the sadhu with garments and food and, along these lines, did what's necessary to the extent helping an outsider is concerned2. They contended that Sadhu was a more abnormal and as per them, they did what's necessary that they could. Right off the bat, I would restore the job of corporate to the general public. The corporate has sidestepped their obligations owed to the general public where they flourish. They misuse the general public yet they do almost no at supporting it for what's to come. I would reestablish the duty that the corporate owe to the general public. I would, as per the

Is Chivalry Dead

Is Chivalry Dead?! What's your opinion of when you hear the word â€Å"chivalry†? I can’t represent everybody except I know the vast majority of us, when we hear or consider the word â€Å"chivalry,† consequently we picture pictures of such figures as the incredible King Arthur and his Knights of the Round Table, Prince Charming, Gawain and The Green Knight, manors, and pictures of intensely protective layer knights sparing princess or the prosaism ic â€Å"damsels in distress†. Despite the fact that fantasies and fantasies show this image of valor, this in reality is a consequence of what the world has come to mean.Originally, the word â€Å"chivalry† had an alternate importance. During the medieval times, the people who lived during this time use valor as a â€Å"code of conduct†. This â€Å"code of conduct† was set up help the general public become better by sorting out it. Individuals who lived during the Middle Ages bolstered the â€Å"code of conduct† on the grounds that they felt it might help control the country and assist it with increasing more force. With any general public, if confusion emerges something is instituted for it to be demolished.For model, laws are made to give a general public some sort of request. Along these lines, gallantry was made to control a general public. â€Å"Chivalry wasn’t just to direct the disruption inside a general public however it likewise gave people at the sort of the social stepping stool to be seen with high regard, especially knight†. All together for a knight to become well known or be perceived as decent, he needed to follow the conduct code of chivalry.In present day society, one may guess if valor has impact others from over the globe. In spite of the fact that it truly safe to state that in our general public, gallantry has not completely sway us as a general public, neither socially or socially. In this way giving truth to the maxim that valor is dead. In medieval occasions, power in Europe was scattered to the individuals of chain of command. The individuals of incredible honorability, for example, the ruler, had control of individuals who were seen as sub-par, for example, the peasants.The most punctual path for the nobles to ensure themselves and land is through feudalism. Feudalism is a social framework dependent on a chain of importance which comprises of social, political, and monetary frameworks. The motivation behind the feudalism framework was to allow the nobles to have control over terrains and individuals. â€Å"This control would be fruitful to such an extent that it would give a path to the ruler to give knights things, for example, gold or land in return for their devotion and administration to the kingdom†. This was the bases for the â€Å"code of lead. †

Mystery Hunt 2007

Mystery Hunt 2007 Im finally recovered from the Mystery Hunt heres the official synopsis of how the Hunt went down: The hunt began with teams gathered in Lobby 7. The Evil Midnight Bombers What Bomb at Midnight announced the hunt would contain 270no, 271no 271 1/2 puzzles, all in keeping with the first unpardonable activity of gathering the assembled puzzlers into a massive sudoku grid. The motivational speaker Michael Fauntleroy came in to save the day, offering the teams the opportunity to get the coin and win the hunt in a mere 25no, 15no, 5 puzzles, if theyd only sign a simple contract with some unreadable fine print. After nearly all teams found the coin within a few hours of starting the hunt, they realized that by signing the contract, they had sold their collective souls to Michael Fauntleroy Stopheles (M.F. Stopheles, for short) for a mere penny. To get their souls back, they would have to complete his course of videos on how to be really really evil in various fields, and all the puzzles therein. This would raise their Evilometers to a level where they could rise in power for a showdown with the devil. Along the way, they also had to complete a series of unfortunate events that would show how proficient they were in each of the seven deadly sins. These helped unlock their seven Sin Meters, which each were linked to certain thematic puzzles. Filling their Evilometers to a certain level unlocked a Hell Runaround, which led them on a goose chase through the halls of MIT and down into hell. There they received seven Hell Puzzles, all completely unsolvable without an additional instruction page gained by unlocking the appropriate Sin Meters. Finally, at each stage, the teams received a certificate of their evil achievement. These certificates were used in the final epic battle with the devil, after which the teams regained their souls and triumphed over evil. I played on team Lego My Ego, based out of the Simmons Hall dormitory (you know, the one with 5,538 windows). Simmons looks like it was made from Legos and is referred to as the Space Waffle, and the Mystery Hunt puzzles are quite humbling, hence Lego My Ego. So, at noon in Lobby 7, our team gathered beneath our team sign. As advertised, after we solved the first five Mystery Hunt puzzles, we determined the location of the coin: the Alumni Pool! So, we raced over to the Alumni Pool, only to learn that yes, we had sold our souls to the devil. We were now at the Mephistophelean Institute of Turpitude. We were given a certificate that read: Certificate of Really Really Evil Achievement: We hereby laud and recognize Lego My Ego regarding outstanding efforts in the Evil Discipline of selling ones soul. This opened up a whole new series of puzzles, which kept us working all night. One of the really cool things about Mystery Hunt is how, in some senses, it is a microcosm of MIT: students and professors (and alumni and friends) collaborate to solve problems. Heres some of our teammates collaborating on a puzzle: One of the classic puzzles of any Hunt with Dan Katz 03 is the Duck Konundrum. This Hunts version was D4: Ducks Playing Poker. Heres the description: Duck Poker is a rarely practiced poker variant; it is not popular among humans because the outcome is entirely predetermined however, ducks like it, because they enjoy watching humans helplessly follow directions. And, here are teammates, well, helplessly following directions: Heres the complete set of Duck Konundra: The Duck Konundrum D2: The Mighty Duck Konundrum (during which a wrench was instructed to be thrown at my head) D3: The Fellowship Of The Duck D4: Ducks Playing Poker Heres a nice close-up of Duck Poker: Another puzzle you may enoy looking at is this dance puzzle starring Hunt co-organizer and my former Baker House dormmate Jenn. Its worth watching the Quicktime video for the puzzle and the amusement: In the end, we solved 70 puzzles (according to the solving graph) and solved more meta puzzles than we ever had before. You can check out all of the puzzles yourself here. Heres a part of our solved puzzle wall of fame (of course, since its Simmons Hall, the wall is curvy): So, whats the verdict? Id say that this was certainly on of the best Hunts ever (if not the best). it was a hunt clearly written for the enjoyment of all of the nearly 40 teams participating, and worked equally well, I think for rookie and veteran Hunters alike. I hope that many of you will get a chance to take part in next years Hunt. Im hopeful that the winning team, Palindrome (Dr. Awkward), will write another amazing weekend of puzzling fun! Post Tagged #Mystery Hunt

Jeffersonian Republicans Essay - 730 Words

Jeffersonian Republicans With respect to the federal constitution, the Jeffersonian Republicans are usually characterized as strict constructionists who were opposed to the broad constructionism of the Federalists. To what extent was this characterization of the two parties accurate during the presidencies of Jefferson and Madison. Before 1801, the Jeffersonian Republicans were usually strict constructionists of the constitution. However during the presidencies of Jefferson and Madison they had to adopt some Federalist ideas. In many instances, the two parties completely interchanged their views on the construction of the constitution. During that period of time it was difficult to characterize anyone as a member of either the†¦show more content†¦They argued that this transfer of land was unconstitutional. The Federalists said that this new land was worthless and would only put the country even more in debt. Their main reason for that was that the creation of new states would decrease their power in congress. The Louisiana Purchase was not the only time Jefferson adopted the ideas of federalists about loose construction of the constitution. After he was reelected, war soon broke out in Europe between English and French. British needed more manpower and financial aid for the war soon began impressing American sailors and stealing their cargo. This made trade between the United States and Europe unsafe. Jefferson did not wish to go to war, so he decided to cut off al the export of goods from the United States. With the passing of this Embargo Act, Jefferson again switched to the loose construction of the Federalists. The New England Federalists did not favor the Embargo. It completely disabled their economy and, as well as that of people in the western territory. The New England states criticized the embargo, and even wanted to part from the union because of it. The Jeffersonian Republicans of Virginia, however advocated the Embargo, even though at the same time they were supporting loose construction of the constitution. During Madisons presidency, when the war with England broke out, the Federalists again adopted the republicanShow MoreRelated The Jeffersonian Republicans And Federalists Essay1203 Words   |  5 Pagestwo opposing political parties developed, the Jeffersonian Republicans and the Federalists. The Jeffersonian Republicans believed in strong state governments, a weak central government, and a strict interpretation of the Constitution. The Federalists saw it differently. They opted for a powerful central government with weaker state governments, and a loose interpretation of the Constitution. The seemingly solid divide between Federalist and Republican would begin to blur during the presidencies ofRead More Jeffersonian Republicans Vs. Federalists Essay1176 Words   |  5 Pagesand began to grow and develop into an effective democratic nation, many changes occurred. As the democracy began to grow, two main political parties developed, the Jeffersonian Republicans and the Federalists. nbsp;nbsp;nbsp;nbsp;nbsp;Each party had different views on how the government should be run. The Jeffersonian Republicans believed in strong state governments, a weak central government, and a strict construction of the Constitution. The Federalists opted for a powerful central governmentRead MoreThe Jeffersonian Republicans and Federalists1211 Words   |  5 PagesThe Jeffersonian Republicans and Federalists By 1817 the great American experiment was in full swing. America was developing into an effective democratic nation. However as the democracy continued to grow, two opposing political parties developed, the Jeffersonian Republicans and the Federalists. The Jeffersonian Republicans believed in strong state governments, a weak central government, and a strict interpretation of the Constitution. The Federalists saw it differently. They opted for a powerfulRead MoreThe Fears Of The Federalists And The Jeffersonian Republicans852 Words   |  4 PagesThis issue divided the people into two groups, the federalists and the Jeffersonian republicans. Alexander Hamilton led the federalists and Thomas Jefferson led the republicans. These two important men in history would later show how the challenges of becoming a new nation. In this essay I will be analyzing the ideas of Linda K. Kerber’s â€Å"The Fears of the Federalists,† to Drew R. McCoy’s â€Å"The Fears of the Jef fersonian Republicans.† Furthermore, comparisons will be made about both essays to gain a betterRead MoreJeffersonian Republicanism vs. Jacksonian Democracy1441 Words   |  6 Pagesthat same status quo. The Jeffersonian Republicans image of the common man was one vested in the educated and independent farmer, who by no stretch of the imagine had the capabilities to serve in government. The Jacksonian Democracies image of the common man expanded from farmers to include laborers, planters, and mechanics. Jackson saw these people as the true representatives of the Government, and thus its true servers. The image of the common man for each the Jeffersonians and the Jacksonians differedRead MoreThe Evolution Of Democracy In The Early Republic. The Evolution1206 Words   |  5 Pageslegislative power in the hands of the states. Jeffersonian Democracy places great emphasis on republicanism, the idea that citizens should cultivate civic virtue and the intellect to govern themselves. Thomas Jefferson believed in limiting the scope of the federal government and in allowing the states to exercise autonomy. Although Jefferson disliked inherited nobility, he believed that educated, economically independent men should govern. Jeffersonian Democracy is pro-agriculture, as Jefferson andRead MoreAndrew Jackson Vs. Jacksonian Democracy1142 Words   |  5 PagesChief Justice of the Supreme Court, Roger Taney ruled that corporate charters should be available to all who chose to risk starting a business. Both Jackson and Jefferson owned slaves but Jefferson wanted it to be destroyed completely and his Jeffersonian Republicans compromised on slavery because it promoted agriculture over industry. Jackson supported slavery and seem not to care that much about abolition of it. In the 1840’s and 1850’s his Jacks onian Democrats joined anti-slavery Democrats joined theRead MoreTrace Of Political Parties From Conception Through Civil War891 Words   |  4 Pagesgradually took shape† (Brands, H.W., Breen, T.H., Williams, B.H., and Gross, A.J. 170). The federalist encouraged a very rapid integration of the United States into a world economy, but however avid they were about capitalism, the Federalist nor the Republicans did not trust the people or local government to do the job adequately. They insisted on a modern economy, which would require a strong national society. In 1887, Alexander Hamilton, John Jay, and James Madison wrote The Federalist. The name impliedRead MoreThe Democratic Party And The Republican Party1931 Words   |  8 Pages The Republican Party has a total of 18 US presidents that were in office, the most of any political party to date. The Republican Party started with Abraham Lincoln and working its way down to George W Bush. The first start of the Party was in February, 1854, when antislavery Whigs met together to discuss a formation of a new political party. One such meeting on March 20th, 1854, in Wisconsin, is remembered as the Founding meeting of the Republican Party. The Civil War made the Republican PartyRead MoreAlexander Hamilton Vs. Thomas Jefferson871 Words   |  4 Pagesviews and contrasting ideologies have always existed throughout the history of United States politics. Alexander Hamilton, who led Federalist Party, believed that a powerful central government was necessary while Thomas Jefferson, who led the Jeffersonian Republican Party, favored an agrarian nation with most of the power left to the states. Although Alexander Hamilton and Thomas Jefferson were similar in that they both harbored good intentions and tried to keep the best interests in mind for the future

Scholarship Essay Samples for College Students Features

Scholarship Essay Samples for College Students Features It is quite a bit easier to compose an essay having a plan and comprehension of what and where you're speaking about. If you've completed Step 1 (above), then you need to already have a notion of what things to write. Specify the most critical steps that you should undertake in the class of a year or two, in addition to during some 5-10 decades. An example is offered below. No matter your purpose, before you start to write, consider your audience. Therefore, you don't need to fret about your private information whenever you order with us. So since you can see, the registration procedure is very simple and understandable, so there are not any conundrums or trick to do that correctly. The scholarships you find are likely to fit into specific themes that you must have the ability to identify so as to save your family time, frustration, stress, and most significantly money. It's simple to point out an essay which has been written solely for the interest of it. An essay has a specific structure. Even though this kind of essay should only be 250 words long, you must organize your ideas ahead of time. A leadership essay provides the readers an intensive perspective on the expression and the way it varies in many fields of life. The significance of leadership ought to be clear to the readers in the essay with good comprehension. For example, if you're assigned with scholarship essay on leadership then it is vital to know every aspect and essentials of leadership before writing the essay. The ending of the leadership essay another major part that needs the utmost attention on the face of the essay writer. Paragraph i state a summary of what you're going to speak about in the essay. Scholarship essays are extremely similar to your college application essays concerning strategy. Amongst various sorts of essays, a scholarship essay steps from the crowd. It is a pretty brief piece of writing. Writing a scholarship essay may not be a very simple job for many students. The scholarship committee would like to observe how investing in your education will aid your career. As a consequence, their scholarship applications become rejected. College education is extremely critical for my future. Since the scholarship is for an education, an individual should include things like acquiring a superb education as a significant aim. Scholarship sponsors search for applicants with vision and motivation, so they may ask about your targets and aspirations. Scholarship essays shouldn't be considered a burden since they are your gateway to land entrance into a prestigious university with lots of benefits and perks that have the scholarship. Be mindful of the way the Scholarship money is going to be disbursed. Scholarships can come to the provider choosing involving you and dozens or maybe hundreds or thousands of quite similar students. Getting into one of the highest colleges is the initial step towards a thriving career. Start brainstorming now, and you might find yourself a winner! If you want more money to cover college, odds are you will be applying for several college scholarships. The excellent news is there are several scholarship opportunities available for students just like you.

Critical lens essay Free Essays

Critical Lens Essay Free Essays â€Å"All literature shows us the power of emotion. It is emotion, not reason, that motivates characters in literature,† as said by Duff Brenna. This quote means that characters act on their emotions rather than on logic. We will write a custom essay sample on Critical Lens Essay or any similar topic only for you Order Now They do not think before they act, they just react to the situation. This quote is true based on many pieces of literature. Two pieces in particular that prove this are the play Othello by William Shakespeare and the play Medea by Euripides. In the Shakespeare play Othello, the protagonist is fooled by his best friend, the antagonist Iago, into thinking that his wife, Desdemona, is cheating on him. Iago tricks Othello into thinking she is unfaithful. Othello then decides that the only way he can deal with her unfaithfulness is by killing her. Rather than questioning whether or not Desdemona did cheat on him, Othello acts on his emotion. He does not think his plan through; each conflict that he deals with is handled through his blinded emotion rather than his logic and reasoning. In the tragic end, Othello realizes that everything was a lie and he was tricked by Iago. In his last action based on his emotions, he killed himself. The play, Medea by Euripides deals with the same type of protagonist. Medea, the great sorceress was betrayed by her husband, Jason. He promised her a happy life in his home country, but later leaves her for a new woman. He tells her that he is marrying the princess to secure his family line, but it is a lie. Medea is so hurt by his betrayal that not only does she kill his bride to be, but she also murders her children. Both decisions were made out of emotion; she was jealous of the princess and she didn’t want her sons to deal with her shame. She did not think clearly about either murder, she acted based on her emotions at the time. Tragically, again, people died because the protagonist did not think their plans through. Both plays deal with characters acting through their emotions. If Medea or Othello had taken the time to think about their actions, then each play would not have ended so tragically. Othello kills himself because of what he had done and Medea flees the country, alone, because she fears her life is in danger. This illustrates that characters who act through their emotions are later punished in one way or another. â€Å"All literature shows us the power of emotion. It is emotion, not reason, that motivates characters in literature. † Duff Brenna is stating that all characters tend to act without thinking. By doing so, often times they regret what they have done and makes them act out again. In the case of Medea and Othello, both characters committed murder based on an emotion and later on regretted it. How to cite Critical Lens Essay, Essay examples

Monetary Policies and Banking Regulations in Cameroon free essay sample

Monetary policy is the program of action undertaken by monetary authorities to control and regulate the supply of money and the flow of credit to the public with a view to achieving pre-determined macroeconomic objectives. The objectives of monetary policy are the same as those of macroeconomic policy, which include: Maintain a high growth rate High rate of employment Stabilization of prices, output and employment Ensure equity in income distribution Balance of payments equilibrium Stability of foreign exchange Monetary instruments are generally classified under two categories: Quantitative measures, and Qualitative or selective credit controls Quantitative measures of monetary control are also called ‘traditional’ measures and are the following: Open market operations Discount rate or bank rate policy Cash reserve ratio Qualitative or selective credit controls include Credit rationing/special deposits Change in lending margins (effecting changes in required mortgage property-land, building, shares etc. ) Moral suasion Direct controls The transmission mechanism describes the channels through which changes in money supply impact the real variables of the economy. We will write a custom essay sample on Monetary Policies and Banking Regulations in Cameroon or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The stages and ways in which changes in the money supply affect the economy are subject to debate among economists (mostly the Keynesians and the monetarists). The Keynesian transmission mechanism According to Keynes, an increase in the supply of money leads to an increase in the cash balances that people hold. Economic agents use the excess cash balances to buy financial assets (bonds). An increase in the demand for bonds leads to an increase in the prices of bonds and a fall in the interest rate. The fall in interest rates leads to an increase in investment by firms. The lower cost of borrowing may equally encourage household consumption spending. The increased investment and consumption increase aggregate demand which in turn increases output with a multiplier effect. Thus according to Keynes, the monetary policy only affects AD indirectly through changes in the interest rate. The Monetarist transmission mechanism The monetarists believe that an increase in money supply has both a direct and indirect effects. To the monetarists an increase in money supply will mean that economic agents including both firms and households will hold excess cash balances which they will attempt to spend. Some of this spending will be on goods and services such as machinery, land, cars, healthcare, tourism, etc. This represents the direct effect on spending of the increase in money supply and is called the direct transmission mechanism. The increase in money supply will also tend to depress interest rates. This will stimulate investment and consumption further. This is the indirect effect on spending, and is also referred to as the indirect transmission mechanism. Banking regulations are a form of government regulation which subject banks to certain requirements, restrictions and guidelines. This regulatory structure creates transparency between banking institutions and the individuals and corporations with whom they conduct business, among other things. Bank Supervision * needed to reduce moral hazards * ensures that banks take only sensible risks * controls money supply Reserve Requirements * helps control the money supply This paper examines the monetary policy and banking regulations in Cameroon. Monetary policies, banking regulations and legislation in Cameroon have been designed to assure the stability of the Banking system and this involves a diverse range of policies, rules, and regulations. Introduction The diagram below gives an overview of the Banking System in Cameroon. Overview of the Banking Sector in Cameroon The Banking Sector in Cameroon is can be divided into two levels: The Supervisory/Regulatory Level and the Operational level. The main supervisory/regulatory institutions which operate in Cameroon are BEAC, MINFI, COBAC, NCC, APECCAM and ANEMCAM. They are in charge of setting and enforcing the monetary policies of the CEMAC region and the banking regulations in the country. The operational level is made up of depository and non-depository institutions. These carry out the banking functions in the country. Depository institutions include Commercial banks, Micro Financial Institutions (MFIs) and informal savings and loan systems known in the local parlance as â€Å"njangis’ and â€Å"tontines’. These take the place of banks for many tribal members, with repayment enforced by social pressure. While non-depository institutions include Special Funds like FEICOM, SNI, Credit Foncier etc. The Economic and Monetary Community of Central Africa (or CEMAC from its French acronym: Communaute Economique et Monetaire de lAfrique Centrale), is an organization of states of Central Africa established by Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea and Gabon to promote economic integration among countries that share a common currency, the CFA franc. CEMAC promotes the entire process of sub-regional integration through the forming of a monetary union with the Central Africa CFA Franc as its common currency. CEMACs objectives are the promotion of trade, the institution of a genuine common market, greater solidarity among peoples and towards under-privileged countries and regions. In 1994, CEMAC introduced quota restrictions and reductions in the range and amount of tariffs. Currently, CEMAC countries share a common financial, regulatory, and legal structure, and maintain a common external tariff on imports from non-CEMAC countries. In theory, tariffs have been eliminated on trade within CEMAC, but full implementation of this has been delayed. Movement of capital within CEMAC is free. In 1989, these six Central African countries formed a monetary union with the Bank of Central African States (BEAC) as the regional central bank. These two bodies BEAC and CEMAC constitute part of the Franc zone. The franc zone is made up of African states whose monetary policy is being directed by France especially in the domain of exchange rate with respect to currencies of other countries, convertibility to other currencies, centralization of international exchange reserves and harmonization of regulations. The Bank of the States of Central Africa (BEAC) is an African international establishment governed by the convention instituting the Monetary union of Central Africa (UMAC), the Convention of Monetary Cooperation passed between France and six member States of this Union: Republic of Cameroon, Central African Republic, Republic of Congo, Republic of Gabon, Republic of Equatorial Guinea and Republic of Chad. Monetary Policy in Cameroon The bank of issue in the CEMAC region and Cameroon in particular is the Bank of the Central African States (Banque des Etats de lAfrique Central? BEAC), which replaced the Central Bank of the State of Equatorial Africa and Cameroon in November 1972. Its headquarters are in Yaounde. In 1993, member states of the BEAC created a supranational supervisory authority, Commission Bancaire de lAfrique Centrale (COBAC) in order to secure the regions banking system. The common currency CFA, is pegged to EURO at a parity rate of 1Euro=655FCFA. The primary objective of BEAC is to maintain the fixed exchange rate regime. The attainment of this objective is complicated by differences between the economies of CEMAC in particular in relation to their dependence on oil exports. Common monetary policy is further exacerbated by limited labour and capital mobility between countries as well as restrictions in the movement of citizens across borders. Without prejudice to this objective, it brings its support of the general economic policy worked out in the Union. The main mission of BEAC comprises: defining the monetary policy of the Union; Monetary policy could be defined as a Program of action undertaken by monetary authorities to control and regulate the supply of money and the flow of credit to the public with a view to achieving macroeconomic objectives such as: maintaining high growth rate maintaining high rate of employment ensure equity in income distribution Balance of payments equilibrium Stability of foreign exchange issuing banknotes and official exchange rate and with exempting power in the Monetary union; Establishing the politics of exchange rate of the Union; keep and manage the official reserves of exchange rate of Member states; promote the good functioning of the systems of payment and of regulations. The convention governing the Monetary Union of Central Africa and the Statutes of the BEAC give the powers of formulation and implementation of monetary policy in the Franc Zone. The Monetary Policy Committee is the BEAC Decision-making body on monetary policy and management of foreign exchange reserves. Its mission and duties as well as its composition and rules of operation are specified in the Statutes of the Bank and its Rules of Procedure. The main responsibilities of the Monetary Policy Committee are to: †¢ Define the strategy and objectives of monetary policy and policy management of foreign exchange reserves as well as the modalities of their implementation; †¢ Set the conditions of intervention of the Central Bank; †¢ Require credit institutions to hold minimum reserves; †¢ Clarify the terms of execution by the Central Bank: lending or borrowing money, and the conditions of purchase transactions and sale of gold and those supported by the Central Bank to the member states for the issuance and management of government securities †¢ Proceed, if necessary, to revise the proceedings of National Committees Monetary and Financial in monetary policy which contravene the statutory provisions and the general rules of procedure, operation and jurisdiction. To achieve the ultimate objective of monetary stability, the CPM uses indirect monetary policy instruments, including liquidity management in part of the money market and the imposition of reserve requirements Since the introduction of money market on 1 July 1994, BEAC uses indirect instruments for its operations. This mode of action based on safe bank liquidity control is exercised through political refinancing (action on the supply of base money), supplemented by the imposition of reserve requirements (action on the demand for base money). The exchange rate regime of the six countries of the Economic and Monetary Community of Central Africa based on four basic principles: a fixed parity between the CFA franc (franc Financial Cooperation in Central Africa) and the euro; convertibility of the CFA franc guaranteed by France; total freedom of transfers between countries of the Franc Zone; and the pooling of foreign exchange reserves. The conduct of monetary policy is principally carried out by varying the amount and rate at which commercial banks are allowed to borrow at the discount window (la Politique de Refinancement). If required, BEAC withdraws liquidity from the system by using negative bids( offering a high interest rate for the placement of excess reserve) whereby commercial banks are offered a certain rate for the placement of their free reserve at the central bank. In addition, the central bank also sets a floor for lending rates and ceiling for deposit rates above and below which interest rates are negotiated freely. Over the years, BEAC has carried out several monetary policies in the region. Worthy of note are the following: In September 2001, BEAC decided to impose minimum reserve requirements on commercial banks in the region in order to contain the rise in liquidity. The level of required reserve is calculated based on the level of deposits on the 10th, 20th, and the 30th of each month and the commercial bank is required to satisfy these requirements on these dates. As a consequence of the different economic conditions in the CEMAC zone, BEAC decided in July 2004 to introduce differentiated reserve requirements across countries with a higher reserve ratio such as Cameroon, The Republic of Congo and Equatorial Guinea rather than Chad, Gabon and Central African Republic. In May 2003, reserve requirements in the Central African Republic were temporarily suspended in response to the difficult economic situation the country was going through. Currently, commercial banks receive remuneration on their required reserves at a rate which is fixed at 0. 4%. Also, BEAC has currently fixed a ceiling of not more than 1. 5% remuneration interest rates for demand deposits to encourage economic agents to invest or use their savings for other activities. This is because commercial banks and other financial institutions in the CEMAC zone are experiencing excess liquidity. Excess liquidity weakens the monetary policy transmission mechanism and thus the ability of monetary authorities to influence demand conditions in the economy. Brief History of BEAC 29 June 1901: Creation of the Banque dAfrique Occidentale B. A. O authorized to issue the franc in the French Occidental Africa to continue the activities of the â€Å"Banque du Senegal† (21 December 1853) ; 1920: Extension of the issue privilege to French Equatorial Africa (Afrique Equatoriale Francaise-AEF) ; 02 December 1941: Creation of the â€Å"Caisse Centrale de la France Libre† (CCFL), in charge of monetary issuing in Central Africa; 24 July 1942: Ordinance authorising the CCFL to issue money from the 1st of August 1942; 02 February 1944: Creation of the â€Å"Caisse Centrale de la France dOutre-Mer† (CCFOM) replacing the CCFL ; 25 December 1945: Creation of the â€Å"Franc des colonies francaises dAfrique† (FCFA) at a parity rate of 1 franc CFA = 1. 70 FF (French Franc); 17December 1948: Change of parity rate of the FCFA to FF: 1 F CFA = 2FF ; 20 January 1955: Creation of the Issuing Institue (lInstitut dEmission) of the A. E. F. and of Cameroon; 26 December 1958: Change of parity rate of the FCFA to FF: 1 FCFA = 0,02 FF ; 14 April 1959: Creation of the Bank of the Equatorial African States and of Cameroon (Banque Centrale des Etats de lAfrique Equatoriale et du Cameroun B. C. E. A. C. ) ; 22 November 1972: Creation of the Bank of the Central African States (Creation de la Banque des Etats de lAfrique Centrale B. E. A. C. ) and of the Franc de la Cooperation Financiere en Afrique Centrale F CFA ; 02 April 1973: Start of activities of BEAC ; 01 January 1977: Transfer of the Seat of Central Services (Head Quarters) of BEAC from Paris to Yaounde; 01 April 1978 : Appointment of Africans as Governor and Vice Governor of BEAC; 01 January 1985: Equatorial Guinea joins BEAC ; 16 October 1990: Important reforms and formulation intervention laws of the central bank and the creation of the Banking Commission of Central Africa (Commission Bancaire de lAfrique Centrale – COBAC); 12 January 1994: New parity rate: 1 FCFA = 0,01 FF ; 01 January 1999: Pegging of the F CFA to the Euro at a parity rate of 1 Euro = 655,957 FCFA. Banking Regulations in Cameroon The following are the banking regulatory bodies in Cameroon. COBAC (The Banking Commission for Central African States) MINFI: The Ministry of Finance NCC: The National Credit Council APECCAM: The Banking and Credit/Finance Association COBAC COBAC is the main regulator of the banking and microfinance in the six states of CEMAC. It ensures the solvency, profitability and liquidity of credit institutions and microfinance. It is responsible for the stability of the banking system of CEMAC and ensures the protection of deposits of depositors. On the institutional level, the COBAC is a member of CEMAC and is backed by BEAC and enjoys institutional independence. The authoritative document on Banking regulations is the COBAC text dated 17/01/1992 harmonizing banking regulations in the six member states. This text describes banks and other financial institutions. It provides for the licensing procedure for such institutions, as well as the appointment of their key executives (GM/DGM) as well as provides the approval procedures for banks auditors. It then stipulates on the controls to be effected, the reporting procedure and sanctions to contravening institutions. The text further lays out certain prudential guidelines for their operations. On the required minimum paid-up capital/capital adequacy On risk sharing For provisioning/risk coverage, On liquidity ratios etc. MINFI The Ministry of Finance is the main organ in charge of the fiscal policy of the country. It has four main directorates. The General Directorate of the Treasury and the Financial and Monetary Cooperation ( DGTCFM ) of Cameroon is one of the four Directorates created by Decree No. 2005/119 of 15 April 2005 bearing on the Organization of the Ministry of Economy and Finance. This is the name that has been maintained with the decree of 30 November 2008 on the Organisation of the Ministry of Finance, which did not really make any changes regarding its missions. The DGTCFM performs the following tasks: Budget implementation and maintenance of accounting the State, Regional and Local Authorities and Public Institutions Administrative; Management of the public treasury; Management of public debt; Issuing and managing government securities free subscription; Regulation and Control of Banks, Microfinance Institutions and Insurance Companies; Control Authorities Receipts and other organizations benefiting from state subsidies. Through this directorate, the finance Ministry controls all Banking activities in Cameroon especially:. Terms and conditions for banking services. Receives applications for licensing and/or the appointment of General Managers for Banks and Financial Institutions, and passes same to COBAC for approval/rejection and the latter has up to six months to so decide. In conjunction with the National Credit Council and the Governor of the Central Bank, rules on the following: The minimum capital for banks and finance houses. On the conditions for opening up branch offices. On Anti-trust issues and collaboration amongst the institutions etc NCC The National Credit Council was created by Presidential Decree no 96/138 of 24 June 1996 bearing on its composition, organization and functioning. The council pays an advisory role on all legal and regulatory activities concerning financial institutions especially in Classification of the said establishments into different categories, their minimum capital requirement, their legal form and their authorized activities; Conditions for creating branches; The closing down of financial institution, Operational issues such as, publication of financial documents; competitive advantage conditions; organization of common professional services. At the discretion of the monetary authority, NCC could also serve in an advisory capacity on regulations and decisions taken by BEAC. NCC also advises on the financing of economic programmes, conditions for state subventions, national and external. APECCAM The Professional Association of Credit Institutions of Cameroon is an advisory body under the Ministry of Finance in accordance with Decree No. 74/137 of 18 February 1974. Every Commercial Banks is required to join this association. Its role is particularly inter alia to enforce its members’ recommendations; banking regulations; and promote best practices in banking. ANEMCAM The National Association of Microfinance Institutions of Cameroon is to MFIs what APECCAM is to commercial banks. Most especially ANEMCAM is concerned with enforcing ethical banking issues in MFIs. Monetary Controls The general monetary controls that banks respect (or ought to) are within the reporting / publishing and control functions of the regulatory authorities. In particular they have to report to the regulatory authorities on :- Monthly statement or cheques without cover to the N. C. C. A quarterly statement of all loans. Casual overdrafts short mid and long term loans, nonperforming loans, contingents etc. This enables the NCC to publish the Centrale des Risques . Details on deposit mix, per bank and by branch. The every ten (10) day report to BEAC on the external position ie. NOSTRO Account balances. This is to enable the authorities to monitor against excessive holdings abroad. Conclusion BEAC is the monetary policy maker of CEMAC in general and Cameroon in particular. BEAC, through the regulatory bodies makes a reforms in the sector, imposing policies and regulations to assure the stability of the Banking system This regulatory structure creates transparency between banking institutions and the individuals and corporations with whom they conduct business, among other things. While COBAC, MINFI and NCC are concerned with banking regulations and operations, APECCAM and ANEMCAM deal with ethical baking issues in commercial banks and microfinance institutions respectively. Generally Bank Supervision is needed to reduce moral hazards, ensure that banks take only sensible risks, maintain reserve requirements to subsequently control money supply. Today, there is free movement of goods and services across the frontiers which indicate a borderless economy. This therefore calls for improvements on security measures as far as commerce is concerned. Investors will not appreciate investing in a State where their investments cannot be guaranteed. The Government of Cameroon, in particular, and the other CEMAC member states in a bid to assure the stability of the Banking system and in response to this pertinent global problem keeps modifying its Banking Regulations to guarantee foreign investment. The Banking Industry in Cameroon is governed by laws and regulations derived from International Conventions, Customs Laws, Ordinances, Presidential Decrees, Ministerial Orders, Circulars and Court Decisions. These regulatory instruments are flexible in character, meaning they can be a subject of modification based on some socio-cultural, political and economic development within Cameroon.