##nuation of 1 - year refinancing operations or a lower frequency for 3 - month and 6 - month refinancing operations. they should not be seen as the start of a tightening cycle, but rather as an incentive for banks to restructure their portfolios and to resume their market - based funding activities, as a long period of cocooning in the banking sector has microeconomic drawbacks too. looking further ahead, the governing council will continue to set the monetary policy stance by assessing the appropriateness of monetary and financial conditions in view of the risks to price stability. one of the lessons of this crisis is that central bankers should not be guided by excessively narrow inflation targeting but should pay attention to the build - up of financial imbalances, which may not immediately exert pressure on prices, but an abrupt correction of which may put price stability at risk. the governing council can claim that the medium - term orientation of its strategy and its monetary analysis are assets in this respect. a few years ago, at a previous suerf conference, i announced that m3 might abandon us. and indeed, the long - run relationship between m3 and prices proved to show signs of instability. at the same time, i pointed out that monetary analysis was much richer than monitoring m3 only. we now monitor credit developments closely. research at the bis, the imf and within the eurosystem is exploring the leading indicator properties of money and credit aggregates which may be useful in the identification of detrimental asset price bubbles. further research is still needed in order to reach definite conclusions. while monetary policy should play a role in “ leaning against the wind ” of over - optimism in financial markets, it should however not be over - burdened. interest rate policy on its own cannot guarantee both price stability and financial stability, and should therefore be backed up by prudential policies. 2. fundamental reforms this leads me to the second issue, the fundamental reforms which are badly needed. there is a long list of work in the pipeline of international fora. the financial stability board at g20 level as well as ecofin at eu level have drawn up detailed roadmaps to pave the way for extensive reforms. the authorities must be determined in their drive for better regulation and supervision. as explicitly noted by the basel committee, “ the banking sector entered the crisis with an insufficient level and quality of capital, inadequate provisions, imprudent valuations, insufficient liquidity buffers, compensation polices that

mathematics degree course. it is for this reason that mathematicians are increasingly in demand. with a mathematics degree, you should be able to try your hand in banking and finance, statistics, engineering, computers, teaching, econometrics, biometrics, or accountancy with a unique edge that may not be available to those graduating in other streams. 22. thus, one of the benefits of studying mathematics is the variety of career options that open up. a recent survey has shown that graduates in mathematics and computer science were at the top of the earning lists, six years after graduation. in one such study in the wall street journal ( 2009 ) on the best and worst jobs in the us, it was observed that the top three out of the best two hundred jobs listed in order of income and other factors were careers suited for math majors, namely, mathematics, actuary and statistics. besides other favorable conditions like indoor working conditions and places free of toxic fumes or noise, the study also considers pay, which was determined by measuring each job ’ s median income and growth potential. another recent survey shows that the top 15 highest - earning college degrees have a common element : mathematics. 23. some of the preferred career options for students of mathematics are : ( a ) mathematics proper as teaching assignment as well as research in the theoretical aspects ; ( b ) actuarial science that develops applied tools using mathematics and statistics and using them in finance and insurance ; it includes a number of inter - related disciplines, including probability and statistics, finance, and economics ; ( c ) computer science, based on the theoretical foundations of computation and their implementation and application in computer systems. students of maths, with their training in logical and precise thinking, are highly prized in this field. ( d ) operations research, developed as an interdisciplinary branch of mathematics to arrive at optimal decisions to problems in maximizing or minimizing things like costs or profits. ( e ) biomathematics or mathematical biology, also an interdisciplinary field of study that helps in modeling natural and biological processes using mathematical techniques and tools. results have been applied to areas such as cellular neurobiology, epidemic modeling, and population genetics. ( f ) cryptography is the practice and study of hiding information. cryptography is considered to be a branch of both mathematics and computer science. 24. while applied mathematics is appreciated and understood by many people, pure maths is considered very elitist. another career and research prospect that has got tremendous boost of late