##s down to the debt / gdp ratio. here we have a few experiences to go by. our past success to get out of an excessive fiscal deficit and gradually move to surplus territory can be attributed to various factors. but essentially the underlying force was purely the macroeconomic debt dynamics equation where the country's rate of economic growth has to exceed the rate of interest. the current and future environment cannot be compared to the pre - covid period. it will definitely be more challenging this time. so nobody in his or her right senses will ask for a sharp fiscal consolidation. but wherever the economy allowsit, we should grab the opportunity to make further progress towards stabilising and reducing the primary imbalance. the future is highly uncertain and shocks could come from anywhere, so building buffers will enhance the resilience of our economy. 3 / 4 bis - central bankers'speeches one word regarding the bank's macroprudential response the sluggishness of monetary policy transmission is also affecting financing conditions. while the financial cycle has turned in the euro area, in malta the real estate cycle is still on an expansionary trajectory, which is contributing to further concentration risks in the banks'loan portfolios. macroprudential policy comes at the forefront to correct such imbalances. a case in point is the central bank of malta's recent implementation of a sectoral systemic risk buffer to address the robust mortgage growth domestically. preserving resilience of the financial system remains key. conclusion overall, there is no space for complacency, and it would be unwise to assume that we are at the end of the current monetary policy tightening cycle, or that a cut in policy rates for the euro area is imminent as uncertainty in the global geo - political environment, and its potential impact on europe, is still very high. the ecb's governing council will ensure that policy rates will be set at sufficiently restrictive levels for as long as necessary to ensure that inflation returns to its 2 % medium - term target in a timely manner. and when that happens, that would be the best christmas present, hopefully for next year. thank you all for your attention, i wish you all a merry christmas. 4 / 4 bis - central bankers'speeches

zeti akhtar aziz : empowering consumers for a progressive and sustainable financial system keynote address by dr zeti akhtar aziz, governor of the central bank of malaysia, at the third international forum on financial consumer protection and education " fostering greater consumer protection and education ", kuala lumpur, 14 december 2005. * * * let me first of all extend a warm welcome to all of you to this third international forum on financial consumer protection and education. malaysia is most honoured to host this conference. i understand that we have participants from across the globe, including for the first time, delegates from the middle east and africa. a forum such as this not only allows for greater engagement among regulators and brings about a better understanding on the issues confronting us but also contributes towards advancing forward the development agenda. promoting a sound and progressive financial system is a vital and key pre - requisite to achieving sustainable economic growth and development. this recent decade has seen a significant transformation of the financial landscape shaped by the forces of globalisation, advances in technology, the trend towards greater market orientation and financial innovation. in this more dynamic environment, the maintenance of financial stability has become increasingly more complex and challenging. the requirements and expectations of consumers are also changing rapidly in tandem with the increased education levels, growing wealth and greater affluence. following these developments, consumers have become more discerning and demand for better product choices, more efficient delivery channels and more customer centric practices from financial institutions. these trends have also become important in reinforcing an increasingly more competitive environment in the financial services sector. a comprehensive approach thus needs to be adopted to address all the key elements of the financial system so as to form a solid foundation on which the soundness and stability of the system can be achieved. a major strategy that has been adopted has been the strengthening of the prudential regulatory and supervisory framework. the safety and soundness of the banking system however has to extend beyond prudential regulation and supervision. maintaining financial stability of the financial system also requires the development of the financial infrastructure, in particular, the financial markets ; building the capacity of financial institutions and finally to have in place an adequate consumer protection framework. my remarks this morning will focus on the consumer protection and education from the perspective of maintaining financial stability and the development of a progressive and sustainable financial system. consumer protection and education initiatives empower consumers to be better positioned to take responsibility for their own well - being. it allows consumers to assume a more important role