[iii] Jean-Claude Trichet, 2014: "Central Banking in the Crisis: Conceptual Convergence and Open Questions on Unconventional Monetary Policy" Business Economics, Palgrave Macmillan; National Association for Business Economics, Vol. 49(2), pp. 74-84, April. www.perjacobsson.org/lectures/101213.pdf [iv] See Kydland, F. and E. Prescott (1977) “Rules rather than discretion: The inconsistency of optimal plans”, Journal of Political Economy, 85(3), pp. 473-92 and Alesina, A. and L. Summers (1993) “Central bank independence and macroeconomic performance: Some comparative evidence”, Journal of Money, Credit and Banking 25(2), pp. 151-162. [v] See Nicholas Bloom (2009), “The Impact of Uncertainty Shock”, Econometrica, Volume77, Issue3, Pages 623-685 [vi] The final version is scheduled for publication on 22 February 2019. [vii] Press conference given by Mario Draghi, 24 January 2019. 5/6  BIS central bankers' speeches  [viii] “ECB Monetary Policy and the Resilience of the Eurozone”, Columbia University, New York, 19 April 2017, speech by François Villeroy de Galhau, Governor of the Banque de France. [ix] Address given by Mário Soares on the European Community of the future (Lisbon, 19 October 1990). Download the PDF version of this document123456789 1 See Article 127 of The Treaty on the Functioning of the European Union. 2  Hartmann, Philipp, Smets, Frank, “The first twenty years of the European Central Bank: monetary policy”, ECB Working Paper Series, No 2219, December 2018. 3 Jean-Claude Trichet, 2014: “Central Banking in the Crisis: Conceptual Convergence and Open Questions on  Unconventional Monetary Policy” Business Economics, Palgrave Macmillan; National Association for Business Economics, Vol. 49(2), pp. 74–84, April.

It should be abundantly clear by now to any financial institution that is serious about VBI, that, the task of building the human and intellectual capital to achieve and sustain value-based business models cannot be left solely to the human resource departments. It requires nothing less than strategic direction and resourcing decisions at the highest levels of the organisation. Changing mindsets Einstein once said “The world as we have created is a process of our thinking. It cannot be changed without changing our thinking”. The world today continues to push the limits of social and environmental thresholds, that are posing increasingly serious threats to humanity. VBI is therefore, much more than a current and passing fad, but a deeper conviction of the critical need 3/4  BIS central bankers' speeches  to begin the process of changing mindsets in a lasting way. Financial institutions are a key, but not the only catalysts in this process. Customers and investors need to be supported with relevant information, along with the means and ability to compare such information, in order to better understand the value propositions of Islamic finance. The encouragement of pension and institutional funds with a sustainable investment orientation, particularly in markets where such funds remain largely underdeveloped, would be important to provide a stronger impetus for VBI. Credit rating agencies could also be important contributors to a new landscape, with stronger emphasis on economic, social and environmental sustainability in assessment frameworks and methods.