– 98 asian crisis, 2005 mini - crisis, and 2008 global financial crisis when indonesia responded “ procyclically ” by raising interest rates and tightening fiscal policies. this edited volume prepared by imf staff, entitled indonesia : sustaining growth during global volatility, elaborates the substantial improvement in the quality of macroeconomic management and banking regulation that indonesia has achieved in the midst of a volatile global environment. in addition, this book also highlights the most binding constraints that need to be addressed to sustain and increase economic growth as well as to further lower vulnerability going forward. overall, this book provides a deep and balanced perspective on the indonesian economy that might help to further enrich the framework of macroeconomic management in indonesia. we appreciate the thorough analysis of imf staff on various issues regarding indonesia ’ s economy. this in - depth and balanced analysis benefited from candid discussions between the indonesian authorities and imf staff during the article iv consultations. their analysis has provided insight to our policy discussions which should contribute to improving indonesia ’ s economic performance. i sincerely hope that publication of this book will help to better understand the progress made by indonesia in macroeconomic management and policy that can be used to further strengthening not only indonesian economy but also other economies. distinguished guests, ladies, and gentlemen needless to say, we cannot and may not assume that our macro stability will definitely continue in the future. this assumption can lead us to comfort zone that would reduce our ability to anticipate future challenges early on. i believe this seminar will be the right place to discuss both global and domestic challenges and how we should deal with them. at the global perspective, the immediate policy challenges is certainly how to mitigate the impacts of global economic slowdown and uncertainties. meanwhile, at the domestic front, a lot of domestic unfinished issues to be addressed which most of them are structural issues we never solve and thus have created inefficiencies both in the financial and real sectors. i hope this seminar will give us various perspectives on how to strengthen indonesian economy amidst those global and domestic challenges. may allah almighty always be with us, bless us and lighten our way towards a better future. thank you. bis central bankers ’ speeches

. ladies and gentlemen, to achieve the goals mentioned above, the cooperation among issuing authorities and currency industries should be further deepened. this cooperation will provide safeguard to the proprietary techniques solely used to produce national currencies amidst the development of many security features and printing techniques today. therefore, governments and security businesses involved, must constantly adjust their whole range of currency operation and management system from design, production, distribution, and destruction process. in this dynamic situation, communication and information sharing will help all members of the currency community to better understand and respond to the ever changing environment. communication brings knowledge, which in turn means greater understanding for the community as a whole. however, communication does not necessarily mean revealing information that should be kept confidential nor does it mean disclosing commercial secrets or proprietary information. ladies and gentlemen, in this spirit of communication, i believe that the presence of our fellows from banknote security industry and other related institutions in this seminar will provide us an opportunity to obtain more valuable information that can broaden our perspective. in addition, information sharing among central bankers regarding experiences in managing our respective currencies could help each of us to improve efficiency and effectiveness in our daily job. finally, may i now take a great pleasure in declaring the seminar open and wishing this event a great success. have a pleasant stay in bali. wassalamu ’ alaikum wr. wb. thank you.