This may require you to take the higher ground, to set aside the temptation to promote such risky investment or insurance products that can earn you high commissions. While this may dampen your earnings prospects in the short term, you stand to gain the trust, confidence and loyalty of your clients over the long term. I have faith that all of you – who have taken the time to participate in this conference – will rise to this challenge and contribute to the building of a financial intermediation industry that is both profitable and ethical. I began with Shakespeare, now let me end with Confucius, the ancient Chinese philosopher. He once said: “I used to take on trust a man’s deeds, after having listened to his words. Now, having listened to a man’s words, I go on to observe his deeds”. To put this in context, it is not enough for financial institutions and practitioners to publish client charters that claim the customer is king and that their interests will always be prioritised. Given the pace and pervasiveness of social media platforms, if your actions do not match your words, you will soon be called out very publicly by your own dissatisfied customers. On the other hand, if you successfully build a reputation of high professionalism and integrity, this will ensure the longevity and growth of your business and consumer base. 1  The FEN is an inter-agency platform comprising of institutions and agencies committed to improving the financial literacy of Malaysians.
8 However, much of the research indicates that globalisation has had relatively little significance for the reduction  in inflation in advanced economies. What has been more important are changes in monetary policy strategies, changes in wage formation systems (with, for example, a reduced degree of indexation) and, as a result, stabilisation of inflation expectations; see, for example, Attinasi and Balatti (2021). However, some studies suggest greater effects; see, for example, Auer and Fischer (2010). 9 [16]  Diagram 6. Global real interest rates have fallen Per cent  Note. Real interest rates refer to 10-year zero coupon rates for real (index-linked) bonds for Sweden and the United States and 10-year benchmark rates for real (index-linked) bonds for Germany and the United Kingdom. Sources: Bank of England, Bloomberg, Federal Reserve and the Riksbank. Driving forces behind this development that are often highlighted include demographic factors. A large global population of working age and increased prosperity have contributed to high global savings.9 These are conditions that monetary policy cannot influence, but must adapt to. As the real interest rate situation has fallen, central banks’ policy rates have subsequently had to be cut to increasingly lower levels for each economic cycle in order to have sufficient effect, especially when fiscal policy has at the same time been restrictive and sometimes tight.