as " moneysense ambassadors ", you will first draw up your own pocket money budget. you can do so with the moneysense pocket money budget available on the moneysense website. encourage your friends to also take the first step in managing their money and draw up their own pocket money budgets. 15. of course, it is not only about drawing up a budget. after you have drawn up your budgets, remember to monitor your expenses and spend within your means. it is a simple discipline that's really worth putting into practice from young. the moneysensible awards 16. some may think that financial planning is only for the rich. this is a big misperception. regardless of our backgrounds and jobs, it is important to set our financial goals and map out how we intend to achieve them. the earlier we start, as individuals and as families, the easier it is to achieve our financial goals. 17. this roadshow features posters of singaporeans, from celebrities to the man - in - the - street, who share how they manage their money. it's worth reading the tips and messages they share and see how they can be applied in your lives. 18. i am also pleased to announce that in the coming weeks, moneysense will launch a series of moneysensible awards. moneysense will partner with the media on this. we will ask all of you to nominate people you know whom you think are doing a good job in managing their money. the awards will recognize individuals who have good and sensible habits in each of the three tiers of financial literacy : in basic money management : in financial planning, and in investments. details will be announced in the next few weeks. consumers need to take the initiative too 19. each of us as individuals have to take responsibility for our own financial well being, and that of our family. we can start by getting basic knowledge on money matters. lack of knowledge often results in bad decisions, which can hurt your financial situation. so we are bringing knowledge to more people. i understand that several financial planning associations, the securities investors association of singapore ( sias ) and singapore college of insurance ( sci ) are working with moneysense to deliver talks at various community centres. moneysense is also partnering the association of banks ( abs ) to run talks on credit management, the life insurance association ( lia ) and general insurance association ( gia ) to deliver seminars on insurance, and the investment management association of singapore ( im

symptoms are of excessive risk - taking, the more likely it is that monetary policy needs to carry a substantial part of the responsibility. the views i have described are by no means novel. in fact, they are not too far off the emerging post - crisis consensus in the central banking community. over the last few years, “ leaning against the wind ” has won many hearts and minds among central bankers and academic economists. my reading of the two papers by brunnermeier and sannikov3, distributed for this event, enforce the points made by woodford : since risk - taking is endogenous, just clearing up the damage in crisis times is not enough, there needs to be some leaning to control the build - up of risks. i don ’ t think we have yet learnt all there is to be learnt about the role of financial stability in monetary policy making. i do however believe that we have learnt enough to know that we should not return to where we were before the crisis. an increased role for financial stability considerations in monetary policy making is likely to be one of the lasting legacies of the crisis. markus k. brunnermeier and yuliy sannikov : “ the i theory of money ” and “ a macroeconomic model with a financial sector ”. manuscripts, 2012. bis central bankers ’ speeches monetary policy stance and implementation another boundary that has been completely redrawn during the crisis is the one between monetary policy stance and implementation. this is the boundary where jose - manuel has been most directly involved during the crisis as the executive board member responsible for market operations since june 2006. before the crisis, monetary policy stance was about setting the key policy rates. everything else was seen as operational implementation with the focus on money market liquidity management. the ecb even had a name for it : the separation principle. according to this principle, the experts working on implementation issues should be separated from the ones assessing the stance, so that the liquidity conditions and shortest market rates would not convey any signals on forthcoming stances. the age of innocence came to an end with the return of liquidity and credit risks to the markets ’ often narrow radar screens. before the crisis, banks ’ demand for liquidity was predictable ; it was set by reserve requirements. during the turmoil, unpredictable precautionary liquidity hoarding emerged as the dominating factor behind the demand. there were two important consequences. first, accurate measurement of the neutral level of aggregate liquidity became impossible ; and