christian noyer : the euro area – challenges and responses speech by mr christian noyer, governor of the bank of france and chairman of the board of directors of the bank for international settlements, at a breakfast for the economic club, new york, 18 april 2011. * * * it is a great pleasure to be here today. it is also a privilege to address such a distinguished audience. i would like to take this opportunity to present my assessment of the situation in the euro area, particularly with respect to the difficulties we meet on sovereign debt. three views on the sovereign crisis in europe broadly speaking, opinions and views expressed on the euro area by people outside the eurozone, can be divided into three categories : hostility for, at least very few people, skepticism and support. first, outright hostility. it is unfortunately true that, in some circles, there is a spontaneous and deeply ingrained opposition to european integration. since the euro is the most accomplished part of the integration project, it is only natural that it crystallizes those oppositions. somber predictions about the imminent demise of the euro came predominantly from those deeply anti – european commentators. while those views, like all opinions, should be treated with respect, there is no point in trying to refute arguments which, in great part, are irrational and mainly reflect wishful thinking. second, skepticism. it emanates mainly, but not only, from academic circles. prestigious and well respected economists have been pointing to the fact that the euro is not an optimum currency area. they also underlined that, absent sufficient labor mobility, there was a need for some form of fiscal federalism that current arrangements failed to fulfill by a large measure. those arguments have been made and discussed for some time and deserve careful consideration. obviously, recent turbulences and disruptions in the articulation of national fiscal policies have given them a new relevance. i will come back to this debate in a moment. at this stage, i will simply remind you of some responses that have been consistently formulated over the last decade. the benefits of the euro cannot be assessed exclusively through the lenses of the optimum currency theory. the euro has brought to more than 400 million european citizens unprecedented stability. price stability, obviously, with inflation averaging 1. 97 % over the last decade. and also, yes, financial stability. it is always useful to think of counterfactual when assessing a situation. looking beyond current fiscal turbulences, let us think, for instance,

encik abdul rasheed ghaffour : revolutionising microfinance welcoming remarks by mr encik abdul rasheed ghaffour, deputy governor of the central bank of malaysia ( bank negara malaysia ), at the global symposium on microfinance, kuala lumpur, 22 may 2017. * * * in biology, the transformation of a species is said to happen in rapid bursts. imagine an ecosystem of marine life along a shoreline. for millions of years, it can remain relatively unchanged. but an extraordinary event – such as a sudden move in sea levels – can alter everything quickly. within decades, fishes, mollusks and plants alike can dramatically change in size and shape. ultimately, those that adapt emerge as the stronger species in the ecosystem. we are gathered here today in the very different context of microfinance. nonetheless, parallels can be drawn with the theme of this event, ” revolutionising microfinance ”. think of the incredible pace of technological change in recent years. in 2016 alone, machine prevailed over man in the world ’ s hardest board game. reusable rockets became a reality. twitter helped a nation elect their president. for microfinance, that rapid burst of change is already upon us. it is therefore a great honour for bank negara malaysia to partner with the world bank in hosting this global symposium on microfinance. we are privileged to have so many learned speakers here with us to share their invaluable insights. led by innovation across the globe from bangladesh to brazil, microfinance has allowed previously excluded segments of society to grow incomes, build assets and ultimately improve their standards of living. with poverty eradication taking centre stage in the global public policy agenda, such in the united nation ’ s millennium development goals, these developments are welcome. here in malaysia, microfinance has been an important part of the development agenda. in 2006, the bank introduced a comprehensive microfinance institutional framework to promote the development of a sustainable microfinance industry. this facilitated greater access to financing by micro - entrepreneurs with no collateral, supported by simple application procedures, minimal documentation and quick turnaround times. the microfinance landscape in malaysia has evolved from being government - driven into one with vibrant private sector participation. at the turn of the century, total financing outstanding of the sector stood at usd35 million ( rm151 million ). since then, it has multiplied by more than 30 times to usd1. 2 billion ( rm5.