whole needs to have a greater understanding of the global financial crisis and its consequences for all of us. this requires greater interaction and a common purpose determining the appropriate course of action that we, as a nation, need to take to stave off the worst ravages of the crisis. we have experienced the most remarkable period of togetherness in the past month, built around soccer 2010 and being host to the world, both the hundreds of thousands who have come in person, and the millions who have watched on tv and other media. we need this togetherness and sense of what we can achieve to continue beyond the world cup, and to permeate other aspects of society. there also needs to be greater coordination and cooperation between policies. it is not possible to have loose monetary policy and loose fiscal policy and a weaker exchange rate. this will not translate into a depreciated real exchange rate. rather, it is a simple recipe for higher inflation. we need an appropriate mix or combination of both macroeconomic and microeconomic policies that will bring about higher productivity, higher growth and employment in a low inflation environment. today, what is clear is that central banks the world over have been given additional responsibilities, explicitly or implicitly. expectations are that central banks will, and can, deal with macro - prudential, micro - prudential, financial stability, crisis management, provision of liquidity and still meet their core responsibility, namely independent execution of monetary policy. financial stability crises build up over years, and what the prevailing global crisis has shown is that it is much harder to restore financial stability once it has been lost than previously anticipated. another lesson is that there is an increasing need for co - ordination and cooperation between central banks, governments and markets, within a sound regulatory environment and with a focus on maintaining systemic stability. in conclusion, what we are seeing is a bifurcated world where the developed countries face gradual de - leveraging with lower growth for longer in a more regulated environment, impacted upon by severe austerity measures and poor public finances. furthermore, the us faces increasingly large structural headwinds, including deteriorating public finances, while the eurozone is likely to see low inflation for some time to come. on the other hand, key emerging countries such as china, india and brazil, seem set to continue to grow and develop. our challenge is to ensure that south africa, with so much going for us, is one of these key emerging countries.

abdul rasheed ghaffour : welcoming address - sasana symposium welcoming address by mr abdul rasheed ghaffour, governor of the central bank of malaysia ( bank negara malaysia ), at the sasana symposium 2024, kuala lumpur, 12 june 2024. * * * welcome to bank negara malaysia, and welcome to sasana symposium. last year's symposium, our very first, underscored the urgency of structural reforms to build a stronger malaysia. building on that, the focus this year is on how we should advance these critical reforms – how we can make reforms a reality. the case for reforms is very clear. our economic environment is constantly changing, and as we spot risks and weaknesses, our policies must evolve to match. reforms, from fiscal responsibility to improved social safety nets and enhanced climate resilience, are crucial to our country's sustainable growth, and to the welfare of the rakyat. drawing on lessons learnt over the years and emerging challenges, policymakers now have a clearer view of the path towards a more competitive and inclusive malaysia. the current period of relative macroeconomic stability provides us with a unique window of opportunity to pursue meaningful reforms and build a brighter future. for instance, the shift from blanket subsidies, including for diesel, towards support that is better targeted to those in need should be welcomed as a positive step towards more equitable, sustainable policies while building fiscal policy space. we cannot, nor should we, assume that this window will not soon close upon us. we need to come together to make reforms a reality for malaysia. but as we implement the critical reforms needed, there are questions that we must address. first, how can we make the best of emerging global trends, harnessing them for the benefit of malaysia? second, how do we ensure that the necessary reforms yield sustainable, longterm gains while still addressing short - term issues? and ; third, how can we build and promote more sustainable, socially conscious and fair finance for households and businesses? i am sure that these are the kind of questions that many of you here, both panellists and participants alike, have been confronted with and wish to have the answers to. while there are no easy answers, the conversations and dialogue over the next two days are intended to help us move forward. we aim to provide a platform where we can reason together on the issues and realities facing our economy, find common ground, challenge perceptions and through this process, strengthen our resolve to