new ideas and identify opportunities to deepen collaboration at the regional level. these are important matters as it enables policy makers to formulate new development policies and better strategies. it has been a very productive symposium. the dedication and commitment expressed by those who have participated so actively in the various sessions should energise and inspire us all to strive even harder and achieve more to improve the well - being of our communities. on behalf of bank negara malaysia, let me take this opportunity to express our thanks to the oecd and infe, and the moderators, speakers and discussants in making this event a success. i would also like to thank all delegates for your active participation throughout this symposium. i hope you have gained valuable insights for charting your own national strategies for financial education. enjoy the rest of your stay in malaysia, and we look to the opportunity to welcome you back in the future. bis central bankers ’ speeches

complacency. looking ahead, legislative proposals should fully reflect the ongoing work at international and eu level aiming at enhancing the resilience of the financial system and protect consumers and investors against the impact of excessive risk taking and irresponsible market practices. main priorities include : strengthening the prudential framework ; addressing the risks posed by systemically important institutions ; and setting a framework for macro - prudential supervision. • first, future regulatory reform will aim at improving the level and quality of capital for credit institutions as well as developing a framework for liquidity risk. the quality of capital, especially the so called tier - 1 capital which is of utmost importance for lossabsorption on going concern and crisis situations, will significantly improve. capital buffers will be introduced to mitigate the inherent procyclical nature of financial activities. a leverage ratio will be introduced as a supplementary measure to the basel ii risk control framework curb excessive balance sheet growth. finally, a harmonised treatment for liquidity risk is also upcoming, requiring banks to hold sufficient high - quality liquid assets to withstand financial stress. these measures, when implemented, will address many of the shortcoming highlighted by the financial crisis, and will increase the ability of financial institutions to withstand shocks and thus the resilience of the financial system. • second, legislative reform also needs to address the moral hazard stemming from systemically important financial institutions. in a resilient financial system it cannot and should not be taken for granted that authorities will always come to the rescue. financial institutions, whatever their size and interconnectedness should not cause undue distress to the functioning of the financial system and to the economy as a whole, if and when mismanagement drive them to bankruptcy. • we also need to review resolution regimes and bankruptcy laws in light of recent experience to ensure an orderly winding - down of systemic cross - border financial institutions. in this respect the legislative work planned by the commission is very important. the eu commission will soon launch a public consultation on a new communication in which policy options to set - up an eu banking resolution framework will be highlighted. in addition, it will be relevant to enhance the framework for coordination among the relevant authorities for financial stability in case of crisis. • the third area relates to macro - prudential supervision. one of the key lessons stemming from the financial crisis relates to the importance of understanding and assessing the degree of “ interconnectedness ” between market participants. in particular, the crisis demonstrated that the