[19] See, e.g., Bauer, M. D. and Rudebusch, G. D. (2014), “The Signalling Channel for Federal Reserve Bond Purchases”, International Journal of Central Banking, 10(3), pp. 233–290. See also Broadbent, B. (2018), “The history and future of QE”, Speech given at Society of Professional Economists, London, 23 July 2018, and Christensen, J. and Krogstrup, S. (forthcoming), “Transmission of Quantitative Easing: The Role of Central Bank Reserves”, Economic Journal, who argue for another channel emphasising the relevance of reserves for the balance sheets of commercial banks. [20] In addition to the press conferences following Governing Council meetings the events also include other public communication by ECB President Mario Draghi. At the press conference following the September 2014 Governing Council meeting, the first in the event cluster, the President explicitly answered a journalist’s question with the words “Yes, it was discussed. QE was discussed. […]. A broad asset purchase programme was discussed, and some Governors made clear that they would like to do more”. [21] See Lemke, W. and Werner, T. (forthcoming), “Dissecting long-term Bund yields in the run-up to the ECB’s public sector purchase programme”, Journal of Banking and Finance. [22] At the same time, the dominating role of the term premium is not a general feature or model artefact. As exemplified by the righthand bar in Chart 7, there are events where rate expectations are the dominating factor. The particular date shown there corresponds to an ECB press conference during the financial crisis that induced market participants to adjust markedly their policy rate expectations.

Marzunisham Omar: Transforming organisational learning in challenging times Keynote address by Mr Marzunisham Omar, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Chief Learning Officers Forum 2021 “Transforming Organisational Learning in Challenging Times”, 10 June 2021. * * * It is my great pleasure to welcome you to the inaugural Chief Learning Officers’ Forum – a gathering of minds among the learning and development community. Let me also take this opportunity to thank the teams from PETRONAS and Bank Negara Malaysia for jointly organising this Forum. We are indeed living in challenging times. The COVID-19 pandemic has significantly affected the way we live and work, forcing us to make the necessary adjustments to protect life and livelihood. While the pandemic would InsyaAllah be over, its effects on work arrangements will, I have no doubt, be long lasting. The pandemic is taking place at a time when the world is going through rapid changes. The economic and financial landscape is evolving, defined by on one hand, increasing dependencies among economies and firms, while on the other hand, heightened competition. A key factor driving the changes is the exponential speed of technological advancements in recent years. These advancements have been boosted by major breakthroughs in artificial intelligence, machine learning, big data analytics and cloud computing. Closer to our discussion today, digitisation and automation have disrupted organisations, their business models, talent management and the very nature of work itself.