Let’s get ready for the next stage of the race. Intro Ladies and gentlemen, Let me first of all thank The Economist for inviting me to this distinguished panel. Almost exactly ten years ago, the Olympic triathlon took place here in Vouliagmeni. On race day, the weather was as hot and as dry as it is today. The athletes needed to have two important attributes in order to be able to compete in a triathlon in these conditions: resilience to withstand the heat and commitment to endure all three disciplines with equal passion. Economic and Monetary Union (EMU) is a political triathlon. It requires resilience when the heat is on and it requires commitment and resolve for participants to perform well at all times in the three policy disciplines that mark a currency union: fiscal policy, economic policy and financial policy. But there is one important difference with a triathlon: EMU is a team effort. Only if every participant performs well can the euro area team be strong. This is the most important lesson from the crisis. Today, I want to discuss what this means in terms of the policy efforts that could be part of – as the panel title calls it – “the big rethink for a stronger Europe”. I will start with an analysis of the outstanding challenges – or the heat – that the euro area still faces. I will then outline what has already been achieved to bring stability and confidence back to the euro area.
Muhammad bin Ibrahim: Reflection on professionalism, Hippocratic oath and the banking industry Remarks by Mr Muhammad bin Ibrahim, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the 20th AICB Chartered Banker's Graduation and Awards Ceremony, Kuala Lumpur, 13 May 2017. * * * Thank you for the opportunity to speak at the 20th AICB Chartered Banker’s Graduation and Awards Ceremony. My congratulations to the 1,062 graduates who have been certified across 15 qualifications. Today, you join the ranks of the over 18,600 banking professionals in the nation. Your graduation is not only an important step in your own careers, but also contributes to our shared aspirations of elevating the banking profession towards greater heights. When we reflect about professionalism, the medical profession often comes to mind for its dedication, devotion, care and interest for society. Over 2,000 years ago, the Hippocratic Oath was first introduced to the world. Today, most medical school students profess some form of the oath upon graduation. While written in antiquity, its principles are held sacred by doctors to this day. Its words have evolved with history. But its message remains the same: treat the sick to the best of one’s ability, preserve patient privacy, teach the secrets of medicine to the next generation, and much more. What is interesting is not the oath itself, but the principles it expounds and the deep philosophical values that have firmly grounded the medical profession over the years.