than during the 1970s. however, it is most likely that a better monetary policy has played some role in the increased real economic stability. we have thus established what a central bank ’ s primary tasks should be : to maintain price stability, to promote stability in the financial system and – as long as the nominal anchor formed by the price stability target is not threatened – to try to stabilise the real economy. there may nevertheless be reason to provide an example of what is not an appropriate objective for a central bank. as i have tried to emphasise, the real economic objectives that central banks have entail stabilising real quantities such as production and employment. by stabilising i mean that one tries to reduce the fluctuations around the long - term trend. however, it is important to realise that this long - term trend development is not something that monetary policy can directly influence. for example, a country ’ s long - term growth is determined by developments in the quantity of labour and real capital and technological progress. the best that monetary policy can do is, as i have already observed, to indirectly contribute to favourable economic developments by ensuring that inflation is kept low and stable and that financial stability is good. although it might be tempting, it is therefore meaningless – and often counter - productive or even damaging – to give the central bank the task of " creating " growth or employment. if one tries to affect growth and employment by systematically keeping interest rates low and increasing liquidity in the economy, or by allowing public sector projects to be financed directly by the central bank, the profits will be only short term. inflation will rise in a way that will sooner or later become difficult to control – the nominal anchor will loosen – while developments in the real economy risk being poorer than they would have been otherwise. i believe that it is correct to claim that a lack of insight and excessive see, for instance, bernanke, b. s., ( 2006 ), ” the benefits of price stability ”, remarks at the center for economic policy studies and on the occasion of the 75th anniversary of the woodrow wilson school of public and international affairs, princeton university, february 24. see, for instance, bernanke, b. s., ( 2004 ), “ the great moderation ”, remarks at the meetings of the eastern economic association, washington, dc, february 20. optimism regarding the role monetary policy can play in long - term real economic growth was one important reason why inflation was so high during

leong sing chiong : remarks - official opening ceremony of the fm global centre remarks by mr leong sing chiong, deputy managing director ( markets & development ) of the monetary authority of singapore, at the official opening ceremony of the fm global centre, singapore, 8 november 2022. * * * thank you, mr malcolm roberts, distinguished guests, ladies and gentlemen, good morning. it is a pleasure to join you at the official opening of the fm global centre. 2 the launch of the fm global centre is yet another significant milestone in fm global's long and rich journey with singapore. since 37 years ago, the singapore office has grown significantly, and became the asia pacific headquarters for fm global in 2019. today, it provides commercial property, risk advisory and engineering solutions to over 400 clients, across 36 markets in singapore and the region. the global centre is the second biggest centre, outside of the us. 3 the choice of singapore to house the fm global centre is very timely, and is reflective of two key factors. first, strong growth prospects. asia's property insurance industry is projected to grow from s $ 122 billion in premiums in 2020, to almost s $ 200 billion in 2025. 1 this is due to continued commercial expansion and infrastructure development as part of the region's growth. second, it also reflects asia's growing need for natural catastrophe and climate risk financing solutions, given the region's significant exposure to climate risk. by 2050, it is estimated that climate change losses could cost asia more than a quarter ( 25. 6 % ) of 2019 gdp. 2 4 insurers are important partners in helping governments and businesses manage physical and transition risks. the fm global centre's testing and research on how properties can be impacted by fire, floods and natural hazards at varying levels of intensity, can provide valuable data insights. these data insights can support the development of ex - ante climate risk insurance solutions for businesses in the region. it goes to the heart of insurance solutions a€ “ which should increasingly focus on ex - ante risk reduction and loss prevention, beyond just ex - post risk financing. the centre will also provide hands - on loss prevention education to businesses and individuals, through interactive simulation labs and learning areas. 1 / 3 bis - central bankers'speeches 5 the insurance industry can also play an important role in empowering the development of the green economy in asia. singapore, for instance, as part of our energy decarbonisation