luis de guindos : interview with cadena cope interview with mr luis de guindos, vice - president of the european central bank, and cadena cope, conducted by mr carlos herrera on 30 march 2020. * * * are you teleworking? are you in lockdown? yes, we ’ re in lockdown and have been teleworking for almost a month now. i ’ d like to go back in time. you were in a very difficult place at an extremely difficult time, i. e. at the helm of the spanish economy when the crisis that was triggered between 2007 and 2008 reached its peak and mario draghi uttered the magic words “ … whatever it takes … ”, which significantly calmed the markets. can today ’ s crisis, which is different in nature but devastating nonetheless, also be solved by either you or your president saying “ we will do whatever is necessary ”, and that will solve everything? we are already doing whatever is necessary. we have given banks as much liquidity as they need and the ecb is going to buy more than a trillion euros ’ worth of euro area bonds. spain will benefit to the tune of around €120 billion. this is the spanish economy ’ s main line of defence from a financial perspective at the moment. is this how much spanish banks, with the government ’ s approval, will be able to grant in terms of loans to whoever asks for them? no, these are direct purchases made by the european central bank. purchases of debt, of bonds? exactly. does this mean money for the government? yes, ultimately. the purchases are made on the secondary market, but will also have an impact on the primary market. the ecb is taking steps to help avoid certain situations ; do you remember what happened with the spread? yes, it reached 650 points in spain. the aim is to ensure spreads don ’ t widen dramatically and to keep the borrowing costs of governments under control to avoid an increase in financial stress at this extremely challenging time. are you now sure we will be in recession at the end of this quarter? yes. all of the scenarios being looked at, by the european commission, the oecd, etc. indicate that a recession will take hold. the main question is how long the lockdown period will last. if it lasts a long time, each month will see a fall of approximately two percentage points in gdp, according to the oecd calculations. if it lasts for

zeti akhtar aziz : islamic finance – the new regulatory challenge introductory remarks by dr zeti akhtar aziz, governor of the central bank of malaysia, at the book launch of “ islamic finance – the new regulatory challenge, 2nd edition ”, kuala lumpur, 22 july 2013. * * * it is my pleasure to be here this afternoon to witness the launch of the second edition of “ islamic finance : the new regulatory challenge ”. as the islamic financial industry transitions into a new era of growth and development in this post - crisis world, the evolving regulatory reforms that are taking place to strengthen the resilience of the financial industry has presented wide ranging challenges in the implementation of the reforms and in also ensuring a more inclusive and stainable growth. the various dimensions of these regulatory challenges and its impact on islamic finance are captured in the publication that is being launching today. it is indeed a more challenging time for financial regulators and policymakers worldwide. priorities for strengthening financial stability and growth are now focused on achieving global financial systems that serve the needs of the real economy. driven by concerns to ensure that banking institutions are more robust against mutil - faceted and more complex dimensions of risks going into the future, regulatory efforts are being directed at significantly strengthening the capital and liquidity structures of banks, and ensuring that there is better alignment between risk - taking behaviours and long - term viability as well as ethical conduct. at the centre of the reforms have been the basel iii reform package, principles for riskaligned compensation structures and improving the consistency of regulatory regimes across the different parts of the financial system, including the shadow banking institutions. significant work is also progressing to strengthen resolution regimes and financial safety nets, particularly in a cross - border context. given the specificities of islamic financial institutions, the implementation of these reforms require a careful examination of the different implications that they present for individual institutions and the system as a whole. we are now witnessing wave of the internationalisation of islamic finance as the role of islamic finance has expanded to become significantly more globalised. this has resulted in domestic islamic financial systems to become more inter connected and with the consequence that integrated, risks are more rapidly transmitted across the financial system. building on the foundations that have been put in place with the adoption of prudential standards introduced by the islamic financial services board ( ifsb ) in the key areas of capital adequacy, risk management, corporate governance and shariah governance, the regulatory, supervisory and legal framework