in better conditions than most countries, but also in a much better shape than in the past. one of the distinguishing features of the brazilian economy is its prudential regulatory framework. the vigilant stance of the central bank prevented the development of see http : / / www. oecd. org / document / 59 / 0, 3343, en _ 2649 _ 34349 _ 41966331 _ 1 _ 1 _ 1 _ 1, 00. html, 2009. january 12, disequilibria and excesses that emerged in several other economies. we did not let the markets adopt risk taking attitudes that led to the losses and problems that many countries are facing today. in fact, the brazilian framework is considered a model for prudential regulation and regarded as an example to be followed by other regulatory authorities. that does not mean that brazil is not being hit or suffering the impacts of the financial turmoil. but the brazilian government is prepared to react and take all the necessary measures to tackle the crisis. in conclusion, a floating exchange rate is no cure - all remedy for all economic ills. but it is certainly the best regime for a large, relatively closed, economy like ours. if brazil had not floated the brl in 1999, it would surely have done so since then, and possibly in more adverse conditions. for all the above, this 10th anniversary is worth celebrating. thank you very much.

strength from serving the real economy. an important feature of islamic finance is that it involves financial transactions that must be accompanied by an underlying economic transaction. and when it is cross border, it will facilitate financial flows that will support international trade and investment flows. it will contribute towards bridging economies and enhancing our economic connectivity with each other. in this current global environment in which emerging economies are demonstrating their resilience with the ability to sustain growth despite the moderation in global expansion, there is tremendous prospects for mutually reinforcing growth from increased economic connectivity. trade among the expanding emerging economies now account for more than half of the world trade. this growing demand in emerging economies is also generating investment opportunities. in this environment, islamic finance has an important potential to facilitate trade and investment flows that will be mutually reinforcing. in evolving malaysia as bis central bankers ’ speeches an islamic financial hub, our aspiration is to be a hub that is linked to a network of other financial hubs. in so doing, it will enhance our economic linkages with other parts of the world. the increased internationalisation of islamic finance would thus influence the patterns of global financial and economic integration, and in particular facilitate the revival of financial and economic integration between the countries along the old silk road from asia to turkey and the middle east, and africa and to the more established financial markets and developed economies. the start of this decade has already witnessed the shifting of trade activities to the emerging economies, which now account for 63 percent or us $ 37 trillion of world trade as at end - 2011, an increase of 17 percent from a decade ago. while the islamic banking sector has been important in intermediating cross border financial flows, the sukuk market has become an important segment of islamic finance that offers a distinct platform upon which international inter - linkages are fostered. the sukuk market has demonstrated its ability to effectively intermediate funds across borders, contributing towards the efficient allocation of funds in the global financial system. the sukuk epitomises a truly global product for international fund raising and investment activities. an increasing number of multilateral agencies, sovereigns, government agencies and corporations, including multinational corporations have relied on the sukuk market as a source of financing. and the diverse composition of the sukuk investors across continents has added further depth to the international dimension of the sukuk market. in malaysia, the sukuk market has evolved into a multi - currency denominated sukuk