This means that a central bank that has control over monetary indicators should use these indicators as intermediate targets in reaching its final inflation target. On the other hand, in low-inflation environments we have seen how successful the implementation of monetary policy under inflation targeting can be. The ECB will follow both procedures together, in accordance with the principles of independence, transparency, a forward-looking policy orientation and accountability. The ECB’s credibility will grow. It will solve the problems that arise and correct its operational deficiencies. It will strive to attain and maintain price stability. Achievement of this objective in the medium term will create conditions conducive to sustainable growth. Growth and employment will follow a sound path. I see it at this stage as a perfectly designed set of strategies and applications. *  *  *  BIS Review 1/1999
Ong Chong Tee: Review of post-crisis regulatory reforms and initiatives Opening address by Mr Ong Chong Tee, Deputy Managing Director (Financial Supervision) of the Monetary Authority of Singapore, at the ISDA Regulators and Industry Forum, Singapore, 13 November 2017. * * * Mr Christopher Giancarlo, Chairman CFTC, Mr Scott O’Malia, CEO ISDA, Distinguished guests, ladies and gentlemen 1. Allow me to first thank ISDA for inviting my colleagues and I to join you today in this Regulators and Industry Forum, and for me to deliver the opening remarks. LOOKING BACK 2. Let me start with an analogy from the popular children story of The Three Little Pigs and the Big Bad Wolf. I am sure you are all familiar with that – how the Big Bad Wolf ‘huffed and puffed’ and blew down the houses of straw and sticks; except for the one made of bricks. 3. Almost a decade ago, we had a Big Bad Wolf that blew down the house of global finance, triggering the worst financial crisis since the Great Depression. In the post-crisis commentaries and debates that followed, a lot of attention had focused on who was the Big Bad Wolf at that time – was it Lehman together with other investment banks, insurance companies and hedge funds, or was it this product called subprime mortgages? But the more important lesson was that the global financial system was not as robust nor sturdy as previously thought.