e. g. orphanides and van norden ( 2002 ), coibion, gorodnichenko and ulate ( 2019 ) and aiyar and voigts ( 2019 ). v for early research on firms ’ expectations, see e. g. coibion, gorodnichenko and kumar ( 2018 ) and coibion, gorodnichenko and ropele ( 2018 ). vi on the forward - guidance puzzle and possible solutions to it, see e. g. del negro, giannoni and patterson ( 2012 ), nakamura, steinsson and mckay ( 2016 ), gabaix ( 2019 ), and woodford ( 2018 ). vii see e. g. bernanke, kiley and roberts ( 2019 ). viii monnet ( 2014 ) and monnet and vari ( 2019 ), among others of his work. ix stein ( 2013 ). x protocol on the statute of the eurosystem and the ecb, article 3. 3. xi for recent historical accounts of the ecb ’ s monetary policy in general, and monetary pillar in particular, see hartmann and smets ( 2018 ) and rostagno et al. ( 2019 ). page 12 sur 11 xii see svensson ( 2017 ) and ajello et al. ( 2019 ) for studies that find that the impact of monetary policy on financial stability is too small to make it worth the cost on price stability. see adrian and liang ( 2018 ) and gourio et al. ( 2018 ) for more nuanced discussions of the key assumptions that matter to the desirability of leaning against the wind. xiii coimbra and rey ( 2019 ). xiv see e. g. greenwood, hanson and stein ( 2015, 2016 ) for the role of publicly issued safe assets in preventing the creation of privately issued safe assets, and stein ( 2012 ) for a formal model of the impact of safe assets on the severity of fire sales. see woodford ( 2016 ) for a comparison of the fire - sales risks of balance - sheet policies and interest - rate policies.

development. our main credit information database currently is the ccris that captures information on all credit facilities extended by licensed banking institutions in malaysia, as well as other institutions regulated by bank negara. while access to ccris is limited for the time being mostly to regulated financial institutions, we are encouraged by the progress made by private bureaus, such as the sme credit bureau, in providing access to credit information to a wider user base, as well as developing new value added products and services. with the expanded role of private credit bureaus comes the responsibility to protect privacy and ensure the accuracy and timeliness of credit information. the government is in the final process of developing the regulatory framework for the protection of credit information and other personal data. in addition to according greater protection to consumers, the government is formulating the new credit reporting law and regulatory framework to achieve an appropriate balance between consumers ’ right to privacy and financiers ’ right to access credit information. to preserve this balance, smes will need to provide consent to financial institutions, for them to obtain the ratings from the sme credit bureau. as described earlier, the sharing of credit information will benefit the majority of smes, primarily through expanded access to credit, shorter processing times and lower borrowing costs. therefore, while participation is optional, it would be in the best interests of businesses to participate in this effort and be more forthcoming in providing the information that in the final analysis will be beneficial not just to individual smes, but for the development of the sme sector as a whole. from bank negara ’ s perspective, the information compiled by private credit bureaus would provide us with more information on the financial, household and corporate sectors for financial surveillance and policy calibration purposes. the more comprehensive and granular information will enable bank negara to detect emerging risks or vulnerabilities within the respective sectors at an earlier stage, and enable us to implement pre - emptive policy measures with greater speed and precision. indeed, the sme credit bureau initiative represents a convergence of different objectives by various stakeholders, namely the government, sme financiers and creditors, cgc and d & b. it is a big step in bridging the current gaps in the availability of credit information on smes. nevertheless, the real and largest beneficiaries of the initiative would be the smes themselves. on this note, i would like to congratulate cgc and dun & bradstreet malaysia sdn