Third, as central bankers we had to design intervention strategies that had not been studied in recent times. The extraordinary liquidity measures that central banks took at the height of the crisis on both sides of the Atlantic had been expelled from the economics textbooks. 1  The Works of Tacitus translated by Alfred John Church and William Jackson Brodribb (1864–1877). http://www.sacred-texts.com/cla/tac/a06010.htm. BIS Review 29/2010  1  Modern monetary economics had suggested that unlimited arbitrage in financial markets would make such measures irrelevant and unnecessary. 2 In the event, amid conditions of extreme uncertainty, private arbitrage was unavailable. As in ancient Rome, public credit became vital because private finance had – at least temporarily – disappeared. What are some of the long-term lessons we can draw from the current crisis? Just as we have had to re-evaluate our understanding of the nature of risk of market disruptions and the potential responses in terms of implementation of monetary policy, so we must re-evaluate our understanding of the role of financial markets in our economies and our societies. The lack of a framework for monitoring and addressing systemic risk in the run-up to the crisis is part of the motivation for financial reform and improved market regulation. But we must also consider fundamental questions about the relative importance and limits of the pure financial “game” in markets, the potential abuse of market power, and, more generally, the role of the financial sector in the economy.

To overcome this perception, there should be adequate and reliable credit information mechanism, such as an SME credit bureau, that serves the needs of both the SMEs' and the potential lenders'. The establishment of a proposed SME Credit Bureau under this strategic alliance between CGC and D&B would complement other initiatives of the Government and the financial sector to further enhance SMEs' access to financing. One of the most important roles of the Bureau is to make available SME information, which includes their operational and financial status to potential lenders. In addition to relevant and timely information, potential lenders could also take comfort that the information is independently provided, hence increasing its reliability. The importance of a credit bureau in the current environment cannot be over-emphasized. A World Bank report stated that a good credit information infrastructure can contribute significantly towards assisting SMEs' access to capital. The report further highlighted that small firms with access to credit bureaus have a 40% chance of obtaining a loan, whereas firms without access to credit bureaus have only a 28% chance of receiving a loan. Therefore, significant opportunities exist to increase lending activities to SMEs in Malaysia with the establishment of an SME credit bureau. BIS Review 76/2007  1  Currently, information available for lenders to assess the creditworthiness of Malaysian SMEs is quite fragmented. Although there are a number of parties providing information on SMEs, the information are mostly tailored towards specific requirements and does not add the necessary values required from the perspective of potential lenders.