encik adnan zaylani mohamad zahid : prevention of corruption in project management opening remarks by mr encik adnan zaylani mohamad zahid, assistant governor of the central bank of malaysia ( bank negara malaysia ), at the malaysian anti - corruption commission ( macc ) talk entitled " prevention of corruption in project management ", kuala lumpur, 3 april 2017. * * * it is my great honour and pleasure to welcome officers from the malaysian anti - corruption commission ( macc ), particularly the speaker for today, assistant commissioner mr mohan munusamy. a warm welcome is also extended to the project teams comprising the steering committees, contractors and consultants. my appreciation also goes to all my fellow bank staff who are here today. in more recent times, the bank and macc have collaborated on a number of fronts. the recent strategic cooperation between the bank and macc, together with lhdn to combat financial crime, particularly corruption, signifies our commitment to work together in this area. from the bank ’ s perspective, this demonstrates our effort to instil integrity for and beyond our regulatees in the financial market. integrity is taken very seriously at the bank where we continually and consciously maintain the highest standards, given that we enforce these standards on our regulatees in our supervisory capacity. we proactively manage integrity hazards and corruption risks and tackle those risks pre - emptively. corruption is not simply a crime on its own. its consequences can be far - reaching in terms of economic losses and irreparable reputation damage. thus, we must actively keep abreast of the management of integrity risks. as an institution, we have been blessed to have had pioneers who upheld the highest standards of excellence in our corporate conduct. the late tun ismail ali, the first malaysian governor from 1962 to 1980 was well known as a person of the highest integrity. i can recall his younger brother relating an episode in this regard. an aspiring architect at that time, he was told by the late tun ismail, not to ever set foot in the bank while he was the governor. uncompromising and unyielding, we certainly should strive to assimilate tun ’ s values and standards. indeed, we are fortunate that his successors have continued his trademark standard of integrity, to the extent that it is deeply ingrained in our corporate dna today. the bank does not tolerate any wrongdoing which may tarnish its reputation, given that our solid

luis de guindos : interview in corriere della sera interview with mr luis de guindos, vice - president of the european central bank, in corriere della sera, conducted by mr federico fubini on 13 june 2019. * * * the 5y5y forward inflation rate is at an all - time low and clearly below where it was when mario draghi first hinted at quantitative easing ( qe ) in 2014. the ecb has already done some more easing and president draghi himself mentioned that there was an interesting discussion at the latest governing council meeting on different tools to do some more easing – the asset purchase programme ( app ) and others. what do you need to see in order to decide to do more? what we need to see is a de - anchoring of inflation expectations. this has not yet happened, despite the fact that there has been a drop in market - based inflation expectations. if you look at the survey of professional forecasters, the situation is a little bit different – expectations have remained stable. then we need to see if there is a significant additional drop in economic activity – a crystallisation of the downside risks that we have indicated. we can always try to look forwards to get an idea of what might happen, but ultimately the reality is the reality. and, well, let ’ s see what happens. but i think the important part of our stance is that we are totally ready to react. we will have time enough to know the future when it arrives. does that imply that the current stance is appropriate, if your staff forecasts are confirmed? yes. and if there is a further deterioration, then we will react. but for now, our monetary policy stance is fully compatible with both inflation and real activity. the important element is that we are totally ready to react. and i would add another element, if i may : risks are tilted to the downside. do you mean, in terms of real activity? both in terms of real activity and in terms of inflation. so if those risks materialise, then we will react. can you think about different monetary policy tools to address different problems? if the issue is with the exchange rate, official rates are probably the answer ; if it ’ s real activity, then qe ; if it ’ s monetary transmission, then it ’ s targeted longer - term refinancing operations ( tltro ) … we do not allocate our instruments to different objectives