on real world problems and taken a pragmatic approach. at the same time, it has tried to make extensive use of research - based knowledge. * * * current monetary policy leans heavily on economic research in at least in two respects. firstly, the current objective of price stability, and a monetary policy system based on an independent central bank that implements it, is the result of monetary policy research of the 1980s and 1990s. this research emphasised the importance of expectations, policy credibility and price stability. this research is also the basis of the status of the eurosystem, its structure and its monetary policy, although another highly influential factor here was the example provided by the successful monetary policy of germany. economics, education and unlearning. post - crash economics society, university of manchester, 2014. haldane, a : foreword. economics, education and unlearning. post - crash economics society, university of manchester, 2014. bis central bankers ’ speeches secondly, the monetary policy pursued during the crisis and after it, which even globally has had to adopt many brave and unconventional methods, is also based on research. it is interesting that, from the viewpoint of economic policy during the crisis, research into economic history has had a particularly profound influence. of note, the research on the causes of the great depression of the 1930s has in recent years come to be held in high regard, and it has played a crucial role in monetary - policy decisions. the chairman of the united states federal reserve at the time the crisis came to a head, ben bernanke, has been a key figure here. he is known specifically as an expert on the great depression of the 1930s. it has been bernanke ’ s view that the protraction of that depression was caused by misguided monetary policy. this, in itself, was not a new discovery. milton friedman and anna schwartz had already blamed the federal reserve for turning the crisis into a depression by allowing the quantity of money to decline. in finland, yrjo jahnsson expressed similar views in his own time. bernanke ’ s contribution to the debate was his emphasis on the importance of the banking system. according to bernanke, the drying up of bank liquidity and the collapse of their lending capacity were the factors that turned a recession into the great depression. he further argued that the global monetary system based on the gold standard transformed the depression into a global one that spread even to countries that were not suffering

##ised towards addressing contemporary issues facing the ummah. from ending poverty and hunger to promoting responsible production and consumption ; providing affordable housing ; better healthcare and education – shariah deliberations on islamic finance matters should reflect on the evolving needs of the economy and society. shariah scholars are constantly challenged to have a thorough and sound understanding of other fields of expertise such as economics, law, psychology and technology to formulate well - rounded and pragmatic ijtihad. with shariah scholars at the forefront of multi - disciplinary knowledge, the shariah fraternity can play a more prominent role in the global call for action for the financial sector to better respond to the contemporary challenges facing our world today. closer engagement with wider stakeholders, be it the financial industry, regulatory authorities, central banks and the public sector, has never been more pressing than before. it is the way forward. it is the way to ensure that the islamic finance industry continues to be able to deliver on the intended objectives of shariah. 1 / 2 bis central bankers'speeches transparency of shariah rule - making my second point relates to the importance of transparency of shariah reasoning and credibility of shariah rulings. this will encourage a deeper understanding of shariah requirements and outcomes beyond a compliance mindset. pronouncing a clear and comprehensive hukum is certainly not easy ; shariah deliberations would need to be anchored to a comprehensive and robust decision making approach that captures holistic considerations including legal, risk, accounting, operations and also stakeholder implications. it is equally important that shariah rulings are well - understood by everyone. this calls for an effective communication strategy to advocate the intended outcomes of each rulings and the underlying reasons for each decisions. platform such as this gathering – offers all of us the opportunity to learn and exchange views from each other ’ s experiences. best practices in shariah methodology and governance can be shared and deliberated to elevate the quality of rulings and stature of shariah advisory authorities globally. connectivity among centralised shariah advisory authorities the final point is on increasing connectivity among centralised shariah advisory authorities to promote mutual respect and knowledge - sharing. islam has flourished with a strong foundation of knowledge, wisdom and tolerance among its scholars. differences in ideas and open discourses to assess the veracity of knowledge – have always been practiced in many islamic societies. while achieving consensus is ideal – full appreciation of differences