. involuntary part - time and temporary work – which has to be absorbed again before wage pressures increase. in practice, we are seeing positive signs : in fact, the difference between the overall unemployment rate and broader measures of slack on the labour market has declined somewhat over the past two years. the proportion of enterprises in manufacturing and services which say that labour shortages are limiting their output has never been so high. the result is stronger wage growth, which is contributing to an increase in inflation. several measures of underlying inflation have apparently passed the turning point. i say the word “ apparently ” as monetary policymakers should be cautious in their judgements1. the estimates of slack in the economy differ widely and are often corrected. model results, as complex as they may be, should be treated with the requisite caution. in the end, assessments based on experience continue to be an essential part of monetary policy decision - making. monetary policy decisions should therefore not only be based on model results, but should also take into account the balance of risks. there are times when lack of action is much more dangerous than taking action and when resolute action is the most reasonable thing to do. for example, our purchase programme was necessary to avert the risk of deflation. however, there are also times when the balance of risks changes fundamentally and thus monetary policymakers should act more carefully. future challenges facing monetary policy so now let ’ s turn our attention to the future. i believe that the conditions for gradually ending the asset purchase programme are in place. however, it is up to the ecb ’ s governing council to decide on the exact timing of such a move. i ’ m not going to talk about the possible timing today. let me instead touch on some of the risks we will face in implementing our monetary policy over the coming years. these risks are likely to grow the longer our asset purchase programme continues. the first risk relates to the subsiding deflationary headwinds i have already mentioned. could it be that our monetary policy is suddenly too expansive? in short, because of the uncertainties and imprecisions involved in measuring slack and inflationary pressure, we might find ourselves behind the curve without realising it. as a result of the long and variable lags of monetary policy, we could end up with inflation above the rate consistent with our mandate. this would require a sharp correction of our monetary policy stance in years to come. yet such a correction of interest rates would pose risks to

, as countless cases could go unreported. these malicious activities thrive on exploiting weak gaps in communication. thus, quick action between institutions could make all the difference. this is why we have established platforms such as the national scam response centre ( nsrc ) and financial sector threat intelligence platform ( fintip ). these platforms bring together not just financial players or law enforcement agencies, but also key stakeholders such as telecommunication companies. the goal is to foster relationships and engagements that allow us to keep pace with developments and act speedily in a time - critical environment. tomorrow, yang berhormat minister of finance ii, datuk seri amir hamzah azizan will launch the national fraud portal and accompanying mule account protocols. these two key initiatives are products of continuous collaboration between bnm as well as industry players such as cong and paynet. i hope to see some of you there. esteemed guests, addressing financial crimes is no mere box - ticking exercise. it requires deep understanding and demands careful planning. 3 / 4 bis - central bankers'speeches i am confident that our industries, and all of us in this room, have recognised this challenge. we have seen this commitment reflected in the quality of discussions and contributions from various individuals and institutions in the recent nra. now, we must reflect on the nra results and translate it into actionable insights. to do so, we must continue to invest in the right competencies. we must be committed to nurturing integrity and accountability at every level. and we must collaborate better than ever before. it is only then can we hope to preserve a financial system that the public, the rakyat can trust, and in doing so, a national economy that thrives, well into the future - for generations to come. with that, i wish you a productive masterclass ahead. thank you. 4 / 4 bis - central bankers'speeches