stability using the hicp “ for the euro area ”, the governing council of the ecb makes it clear that it will base its decisions on monetary, economic and financial developments in the euro area as a whole. i should like to emphasise the fact that the single monetary policy will adopt a euro area - wide perspective ; it will not react to specific regional or national developments. third, this definition is very much in line with most current definitions adopted by national central banks in the euro area. furthermore, the statement that “ price stability is to be maintained over the medium term ” reflects the need for monetary policy to have a forward - looking, medium - term orientation. it also acknowledges the existence of short - term volatility in prices which cannot be controlled by monetary policy. in order to maintain price stability, the governing council of the ecb agreed to adopt a monetary policy strategy which will consist of two key elements. • first, money will be assigned a prominent role. this role will be signalled by the announcement of a quantitative reference value for the growth of a broad monetary aggregate. the reference value will be derived in a manner which is consistent with - and will serve to achieve - price stability. deviations of current monetary growth from the reference value would, under normal circumstances, signal risks to price stability. the escb will assess how best to counter these risks. however, the concept of a reference value does not imply a commitment on the part of the escb to mechanistically correct deviations of monetary growth from the reference value over the short term. the relationship between actual monetary growth and the pre - announced reference value will be regularly and thoroughly analysed by the governing council of the ecb ; the result of this analysis and its impact on monetary policy decisions will be explained to the public. the precise definition of the reference aggregate and the specific value of the quantitative reference value for monetary growth will be announced by the governing council of the ecb in december 1998. however, while the monetary aggregates contain important and relevant information for monetary policy - making, monetary developments will not constitute a complete summary of all the information about the economy that needs to be known for an appropriate monetary policy to be set. • second, there is also a clear need to look at other indicators. consequently, in parallel with the analysis of monetary growth in relation to the reference value, a broadly - based assessment of the outlook for price developments and the risks to price stability in the euro area will

donald joshua jaganathan : digitization of remittances for migrant workers in malaysia welcoming remarks by mr donald joshua jaganathan, assistant governor of the central bank of malaysia ( bank negara malaysia ), at the project greenback 2. 0 kota kinabalu dinner, kota kinabalu, 3 november 2018. * * * yang berbahagia datuk yeo boon hai, datuk bandar, dewan bandaraya kota kinabalu, dr. firas raad, country manager for malaysia, world bank group, it is a pleasure for me to be here this evening. on behalf of bank negara malaysia, i would like to express my appreciation to dewan bandaraya kota kinabalu for hosting project greenback 2. 0 in this beautiful city ; our project partner, the world bank, for your continued support and commitment to this important initiative ; and to all of you who are gathered here today, for your hard work and dedication to ensure the project achieves its objectives. i am also delighted that we have representatives from bangko sentral ng pilipinas and bank indonesia with us tonight. migrant remittances and project greenback 2. 0 mr. juan somavia, the former director general of the international labour organization based in switzerland once said “ migrants are an asset to every country, where they bring their labour. let us give them the dignity they deserve as human beings and the respect they deserve as workers ”. malaysia is a land of opportunity for many. close to 1. 8 million foreign workers, men and women, have left their loved ones behind to earn better income here. for many, they are simply chasing the “ malaysian dream ”. often, the money they send home is a critical lifeline for their families. malaysia is also a major remittance sending country to other asean nations. last year, migrant workers in malaysia sent 2 billion usd to indonesia and the philippines alone. for the recipient countries, these funds lifted many households out of poverty. in a way, they also supported the countries ’ socio - economic developments. a new game plan : digitalisation as gateway to greater financial inclusion this is where our work in project greenback 2. 0 comes in. we started project greenback here in sabah 8 months ago, with a new game plan – digitalisation. we considered the following factors – around 70 % of the migrants here work in the agriculture and plantation sectors ; they are scattered across the remote areas ;