Heng Swee Keat: The future of Islamic financial services Welcome address by Mr Heng Swee Keat, Managing Director of the Monetary Authority of Singapore, at the 6th Islamic Financial Services Board Summit, Singapore, 7 May 2009. *  *  *  President of the Islamic Development Bank, H.E. Dr. Ahmad Mohamed Ali Al-Madani IFSB Council Chairman and Governor of the Saudi Arabian Monetary Agency, H.E. Dr. Muhammad Al-Jasser, IFSB Governors, Secretary-General Prof Rifaat Ahmed Abdel Karim, Ambassadors, Honoured guests Welcome I extend a very warm welcome to all our guests, especially those from overseas. As an Islamic Financial Services Board (IFSB) member, MAS is honoured to host this 6th IFSB Summit. This is IFSB’s first Summit in East Asia, and the strong interest shown by participants here is a testament to the growing opportunities for Islamic Finance and economic cooperation in our region. I very much appreciate the support of fellow Governors and IFSB Board members. A special thanks to all our panel chairmen and speakers, and to Professor Rifaat and the IFSB secretariat for organising this so well. We meet at a most challenging time. The IMF and the World Bank have forecast the global economy to contract for the first time since World War Two. The economies of Asia, like the rest of the world, have slowed significantly. So have all forms of financial services, including Islamic Finance.
Philipp M Hildebrand: Ten theories on the economic relationship Switzerland Europe Summary of a speech by Dr Philipp M Hildebrand, Member of the Governing Board of the Swiss National Bank, to the Arbeitgeberverband Basel, Basel, 8 September 2004. The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). *  *  *  The relationship between Switzerland and the EU is close in so many ways that it appears almost stronger than that among many member states themselves. The debate on a possible integration into the EU as a logical consequence should be as broad-based as possible. Economically speaking, the issue has become more pressing since the introduction of the euro, as Switzerland is now surrounded by a single-currency area. Switzerland’s weaker economic growth is also frequently quoted as an argument in favour of integration, since the necessary domestic structural reforms would then be easier to realise. However, one tends to overlook the fact that the national authorities would continue to be responsible for implementing reforms and that, moreover, the absorption potential of autonomous monetary and fiscal policies would be forfeited. Even with an independent policy, Switzerland is in a position to outperform if it again focuses on its strengths of flexibility and openness. The independent monetary policy has helped to keep inflation in Switzerland at a low level for decades. This and the diversification properties of the Swiss franc make capital cheaper in Switzerland by approximately 1.5 percentage points (interest premium).