bank since 2005 with the establishment of bnmlink at the bank ’ s six offices ; the bank ’ s call center, bnmtelelink ; as well as bnmlink mobile counter services in semi - urban areas to provide access of financial information and consumer redress mechanisms. the introduction of mobilelink also provides a platform for enhancing financial literacy and financial capability of consumers to make well informed and responsible financial decisions and thus participate meaningfully and effectively in the financial system. akhir kata, saya ingin merakamkan penghargaan kepada semua hadirin sekalian yang memberi sokongan kepada inisiatif “ mobilelink ” ini. kami berharap inisiatif ini akan dapat merealisasikan usaha bank dalam mencapai rangkuman kewangan yang menyeluruh. bagi mencapai objektif ini, kerjasama pihak yang hadir pada hari ini dengan bank negara malaysia adalah dialu - alukan bagi memastikan usaha yang lebih bersepadu dan berkesan dapat digembleng bersama. bis central bankers ’ speeches

rates are back to their pre - referendum levels. markets also responded strongly to the us election result, with both breakeven inflation and real yields rising. alongside those market developments, uk indicators suggest continued solid growth, and the pace of fiscal consolidation is now expected to be slower. the mpc will assess these and other developments at its meeting next week as it plots the monetary course ahead. whatever economic developments and prospects, the mpc will always set monetary policy to maintain price stability and promote the good of the people of the united kingdom. as it did when it was the only game in town after the global financial crisis ; and as it will going forward, in better balance with fiscal and structural policies. monetary policy will continue its good work as the uk economy adjusts to new opportunities with europe and the rest of the world. in the end, monetary policy isn ’ t a spectre but a friendly ghost. all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx i monetarism is the view that the dynamics of money have a temporary influence on demand and, via the celebrated “ quantity equation ”, a major influence of prices. here i am using the term in a broader sense, to describe the view that monetary policy is the only tool necessary to stabilise the economy. friedman advocated the control of money as superior to fiscal measures for stabilising the economy. in friedman ( 1948 ) he argued that financing variations in the government deficit or surplus with monetary expansions or contractions would be stabilising. later, in friedman ( 1960 ), he advocated a constant growth rate of the money stock as a means to stabilise the economy effectively. following the experiences of the 1980s, there is today great scepticism that the velocity of money circulation exhibits the kind of stability necessary to make the quantity equation operative as a means of inflation control, although money may still have useful information content as an indicator. as gerry bouey said, “ we didn ’ t abandon the monetary aggregates, they abandoned us. ” see friedman, m. 1948. a monetary and fiscal framework for economic stability. american economic review 38, 256 – 64 ; and friedman, m. 1960. a program for monetary stability. new york : fordham university press. ii growth in india and china in particular has contributed to a marked fall in the global gini coefficient, from 0. 74 in 1975 to