euro area, such as inflation, the balances of payments and in particular budget deficits, are better than in the united states, for example. investors are regaining their trust and the ecb has not had to provide support by buying government bonds for several weeks now. it is now up to the governments. they must make the euro area crisis - proof in a sustainable manner bild : if it were your birthday today, what would you want from the german government and the chancellor? draghi : trust the ecb. trust europe. part ii bild : there is no end to the crisis in greece. yet again, more than €100 billion of credit is to be given to them. but isn ’ t the country a bottomless pit? draghi : the greeks have passed very many important reforms in parliament. if they also implement these, the country has a chance to get itself out of the current downward spiral. bild : but the parties that reject the reforms will be the ones that win in the upcoming elections. draghi : to overcome the crisis, greece needs a stable political situation. bild : why should taxpayers in germany and other euro area countries be liable if it goes wrong? draghi : the fact is that european taxpayers have taken on a lot for greece. their money must be protected. this is also why the ecb did not take part in the debt relief – because the cost would have been borne by taxpayers. bild : how much time does greece have left? bis central bankers ’ speeches draghi : some reforms can take effect very quickly. for example, a tax reform and better tax collection would spread the tax burden more fairly. that is a strong incentive to work more – and this will get the economy quickly back on its feet. bild : many experts now think that the only way for greece to become competitive again is if it leaves the euro area. draghi : as a matter of principle, the ecb does not give any thought to a country leaving the euro area. bild : nevertheless … draghi : leaving the euro area and having the possibility to devalue their own currency would not improve anything. it would not remove the need for reform. in fact, the consequences of leaving the euro area would be high inflation and instability – and, for the foreseeable future, nobody would lend greece the money it needed. bild : will the greeks in any case have to give up their prosperity? draghi : yes,

is accorded to quality training and human capital development, the bank will extend its supervisory oversight to review the quality of staff training expenditure. capacity and capability development will be reinforced through qualification - based training and certification provided by professional bodies such as aicb. in this respect, the board of financial institutions shall devise appropriate incentive structures to promote such programs by according appropriate weightage in the performance appraisal of senior management, including the chief executive officers. 3. thirdly, i wish to lend my support to a proposal, that sometime into the future, all reporting submissions made by banks to bank negara malaysia are to be undersigned by a chartered banker. this practice is not new. it is akin to the insurance industry where qualified actuaries are required to certify certain submission to the central bank. this idea came from a senior banker amongst us. with this requirement, my wish is that it will provide an impetus to the attainment of the chartered banker qualification. second is character. if competence represents the ‘ head ’ of a professional banker, then character must surely be the ‘ heart ’. over the last decade, the ethical scorecard of the financial sector was blemished by irresponsible risk - taking and opaque practices of bankers in the lead up to the global financial crisis. ethical lapses and conduct failures in more recent years have compounded matters. far too often, we witness the rise of bankers who are highly competent but ethically deficient. worse, we allow and tolerate such practices. this is unsustainable. it also tarnishes the reputation of the many who spent their lifelong careers in the industry, and who hold the profession with great dignity and regard. another principle worth attention in the hippocratic oath is the adage, “ do no harm ”. there is a lot of richness in this ethos. it is worth emulating. considering that consumers come into contact with banking personnel far more frequently than they visit their doctors, one may even argue a higher expectation ought to be applied for the banking industry. the bank has actively worked towards reinforcing this objective over the years. the bank believes that when the right set of fundamental principles is followed, it can positively shape the 2 / 4 bis central bankers'speeches actions and behaviour of people. therefore, the bank, in consultation with the industry, is due to publish five universal ‘ principles for a fair and effective financial market '. these five principles encapsulate values