svein gjedrem : economic perspectives annual address by mr svein gjedrem, governor of norges bank ( central bank of norway ), at the meeting of the supervisory council of norges bank, oslo, 11 february 2010. * * * this current global crisis had its origins in an abundant supply of credit, market participants who took steadily higher risk and a lack of oversight on the part of banks, companies and authorities. this is reminiscent of a play by bjørnstjerne bjørnson ’ s entitled “ a bankrupt ”. in a conversation between the main character, tjælde, a businessman, and his daughter valborg, she says that no man of honour would keep his family or his creditors in ignorance of the events that foreshadow a crisis. her father rebukes her : 1 “ … you don ’ t understand what a business - man ’ s hope is from one day to the other – always a renewed hope. that fact does not make him a swindler. he may be unduly sanguine, perhaps – a poet, if you like, who lives in a world of dreams – or he may be a real genius, who sees land ahead when no one else suspects it. ” the conversation is also reminiscent of current discussions about accounting principles. then, as now, the mark - to - market value of assets was under debate. tjælde says : “ [ … ] values are fluctuating things ; and [ a businessman ] may always have in hand some venture which, though it cannot be specified, may alter the whole situation. ” valborg has little regard for ventures at creditors ’ expense. she thinks accounts should be transparent. a businessman who owes more than he owns should be honest about it, she says. “ … but what do you want [ the businessman ] to do? ” asks tjælde. “ to lay all his cards on the table, and so ruin both himself and the others? … in that case we should see a thousand failures every year, and fortunes lost one after the other everywhere! no, you have a level head, valborg, but your ideas are narrow. ” and this play by bjørnson was written in 1875. three imbalances in the world economy the financial crisis triggered the largest decline in output in advanced economies since the second world war. the financial crisis erupted after a period of substantial debt accumulation

adnan zaylani mohamad zahid : leading in a disruptive world revolutionising takaful keynote address by mr adnan zaylani mohamad zahid, assistant governor of the central bank of malaysia ( bank negara malaysia ), at the takaful rendezvous 2019 “ leading in a disruptive world – revolutionising takaful ”, kuala lumpur, 8 october 2019. * * * i am delighted to join all of you today at the 2019 takaful rendezvous. this is an important gathering for the finance and business community to exchange ideas on the opportunities and issues facing the global takaful industry. our backdrop today is of an economy and environment that has seen remarkable changes and challenges that emerge in just a short period of time. while we have thought the financial crises of recent times were safely behind us, the global and domestic economy has been beset with an escalating trade war that has rippled far. this has affected the trade and investment climate worldwide and could bring about large downside risks. malaysia ’ s economy will not be spared from this fallout. at the same time, we have a growing sense of urgency to deal with environmental challenges. globally, the focus is shifting towards climate change and sustainability. closer to home, we have just experienced an episode of the country ’ s now, alarmingly, annual haze seasonality. undoubtedly, each one of us can feel the impact and risks from environmental degradation on the quality of our daily lives. it will not be long from the time when we can clearly see its negative impact to the economy and financial stability. on a positive note, technology has transformed virtually every aspect of our lives – the way we interact with each other, consume our needs, follow the news, and navigate our movements. by 2018, more than half of the global population have become internet users. here in malaysia, almost 90 % of malaysians are internet users, and more than half of these users conduct banking and financial activities online. digitisation and technology adaptation is already making significant inroads in providing new solutions going forward and has become a key strategy for us to enhance financial inclusion and also protection. while this means financial institutions now have greater avenues to reach consumers, it also entails greater exposure to emerging vulnerabilities and risks such as cyber and technology risks. this needs to be properly managed, otherwise it can potentially trigger grave systemic consequences. in addition, there are also the gradual and structural changes that we cannot ignore.