##kat and wakaf and pursuing initiatives to establish an islamic inclusive financial services board ( iifsb ) as part of efforts to make indonesia as a “ centre of excellence ” for sharia global financial sector. meanwhile, in the area of shariah financial market deepening, bank indonesia will promote the implementation of the sukuk linked wakaf. for that purpose, bank indonesia will work together with the ministry of finance, ministry of state owned enterprises, badan wakaf indonesia, and agrarian ministry / national land agency to ensure the certification status of existing wakaf lands, thereby optimizing its use. moreover, bank indonesia will also conduct further studies on to the issuance of sharia - based government securites, enhance transaction mechanisms, as well as complement other shariah financial market infrastructure. bank indonesia will also strengthen its strategic alliance with ministries and authorities related to the development of the economy and shariah finance under national shariah finance committee. in line with the government ’ s commitment to improve the quality of growth through increasing level of economic participation, bank indonesia also placed special emphasis on the development of micro, small and medium - scale enterprises ( msme ). the vital and relevant meaning of increasing economic participation, is to provide the opportunity as well as embrace a wider segment of the community, which includes msme ’ s, to play a more active role in stimulating economic activity, toghether with the government. as we all know, msme ’ s play a vital role in indonesia ’ s economic structure, whereby approximately 99. 9 % of business units in indonesia are msme ’ s and absorb nearly 97 % of indonesia ’ s labor ( figure 25 ). however, financial support that is channeled to msme ’ s in indonesia is only amounted to 7. 2 % of gdp, which is the lowest, compared to other asean countries such as malaysia, thailand, korea, and cambodia ( figure 26 ). in this regard, bank indonesia implemented the msme development policy through two main approaches, namely encouraging the banking intermediation role for msme ’ s and increases msme ’ s economic capacity. bank indonesia ’ s policy direction figure 25. share of total employment by enterprise size category figure 26. sme financing % 4, 0 % 5, 7 % 3, 3 % 87, 0 % korea cambodia indonesia malaysia thailand sme loan to gdp sme loan to total loan micro enterprises medium enterprises small enterprises large enterprises account

erkki liikanen : is more always better? accountability, and the clarity of message transparency, introductory remarks by mr erkki liikanen, governor of the bank of finland, at the panel discussion " is more always better? transparency, accountability, and the clarity of message ", ecb central bank communications conference, frankfurt am main, 14 november 2017. * * * why do we need transparency? is more always better? there are two basic reasons for transparency in monetary policy : the first is public accountability of central banks. the second reason is better policy effectiveness. anders chydenius, the 18th century finnish clergyman and economist drafted the world ’ s first freedom of information act ( enacted in the kingdom of sweden in 1766 ). this was 98 years after the riksbank was founded. chydenius summarized the connection between transparency and political liberty in the following way : " the liberty of a nation is preserved not only by the laws, but by public information and knowledge as to how they are being administered. " 1 chydenius ’ statement presents the accountability argument for transparency in its simplest and the most forceful way. the rule of law alone is not sufficient for freedom, but the transparency of the use of executive power is also necessary. until a generation ago, central banks were rather secretive organizations, shrouded in a kind of monetary mystique. this started to change in the 1990 ’ s, when the independence of central banks rose to the top of the reform agenda, in order to improve the credibility of monetary policy. as central banks became more independent, it was natural that accountability and transparency had to develop as well. citizens and their political representatives needed to be able to monitor how central banks used their independence. considering the ecb, an important forum for its accountability are the regular hearings of the president of the ecb at the european parliament. these hearings are both a forum of scrutiny and a venue for communication of policy goals and strategies. the accountability framework was strengthened further after the ecb was entrusted with the powers of banking supervision in the euro area. since then, also the chair of the supervisory board appears regularly in the european parliament. beyond the formal accountability requirements, the ecb was the first major central bank to organize regular press conferences after each monetary policy meeting of the governing council. they are not just one - directional communication but enable useful interaction between the press and the president and the vice - president of the ecb. a more recent, but a very important step