The euro area is not cured, but... It’s not cured. But it’s doing less badly. It’s doing less badly. But it can’t take care of itself. It’s doing less badly but it’s not doing well enough and that’s why the prescription has been extended, and there is indeed, as you say, a kind of “warning” or let’s say...  An alert. An alert, a message, which is as follows: all this won’t last forever, it can’t last forever, sources of growth have to be found that don’t depend on monetary policy. Long-term interest rates are going to rise and economic actors must prepare themselves – governments in particular, which have benefited greatly from the decline in rates. They must prepare for an environment in which monetary policy will be less necessary and where growth will have to come from elsewhere. That’s why you are making no commitment for 2018. We already have a commitment until the end of 2017, which isn’t bad, as this makes it possible to cover a whole year, when there will be many economic risks inside and outside the euro area, as we well know. But it was noted that Mario Draghi said yesterday that, if necessary, the policy would be eased and liquidity would continue to be provided so as to improve the economy and growth.
Muhammad bin Ibrahim: Insights from the financial market in 2015, expectation and direction going forward Opening speech by Mr Muhammad bin Ibrahim, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Annual Dinner of Persatuan Pasaran Kewangan Malaysia (PPKM), Kuala Lumpur, 13 November 2015. *  *  *  This annual dinner is an important event for it presents an opportunity for us and the market to reflect upon all the challenges in the financial market, and draw lessons as we move into the new operating year. The year 2015 has been a very interesting year for all of us here, industry players and regulators alike. During the year, we witnessed significant capital outflows as markets responded to the global economic developments. In particular, every commentary or data release hinting at policy normalization in the US was met with gyrations in financial markets. Emerging currencies, felt the brunt of such volatility, especially commodity exporting countries given the significant decline in commodity and energy prices and moderation in growth for the China’s economy. For Malaysia, we saw ringgit weakened as much as 18%, while in the bond market, we saw relative stability even though yields went up by 30 to 50 bps given by the negative sentiment in the domestic and global markets. Insights from the financial market in 2015 In the midst of all the global economic uncertainty and financial market volatility, I would like to highlight some observations and comments.