“credere”) supports regaining the trust in the financial system and in the banks as institutions that 2/3  BIS central bankers' speeches  ensure the allocation of funds to the private and the public sector. Companies in Romania, as beneficiaries of European funds, need to respond to some pressing issues such as inadequate management and financial discipline. Only around 15% of small and medium companies are eligible for financing, with a management team capable to conduct a lucrative activity that reflects in a sound set of accounting documents, like the balance sheet and the P&L account. These companies too, can be affected by the contagion effect, for instance when their projections and cash flows are subject to repayment from other companies, with delays. To support these companies and to ease the access to finance, one needs to improve the policies and continue the financial reforms to create a more adequate and flexible frame for investments and the multiplier effect of co-financing. The European Investment Bank has been a strong pillar for this strategic economic development, channeling investments towards the crucial sectors of transport, digital infrastructure and the new technologies, education for skilled labour force, healthcare, or agriculture. The European Investment Bank contributes to creating the right mindset and responsible attitude of assuming calculated risks. It supports the communication of sound public policies and priorities for Romania’s economic and social development, to continue and expand the European integration and economic convergence.
Fraziali Ismail: Sound financial planning and knowing one’s rights as a financial consumer Keynote address by Mr Fraziali Ismail, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia) at the Malaysian Financial Planning Council (MFPC) - Professional & Ethics Forum 2020, 9 December 2020. * * * As I reflect on the theme of today’s conference, I am reminded of the moral lessons from Shakespeare’s play ‘The Merchant of Venice’, a comedic yet tragic tale on the follies of poor financial planning, low financial literacy and predatory lending practices. It starts with the merchant, Bassanio, who is in desperate need of funds given his desire to court the rich heiress Portia. He approached his fellow merchant Antonio, to obtain a loan. Now, Antonio did not have the funds, but knew he would be getting a windfall soon, once his shipment of goods sailed in. Being the loyal friend, Antonio offered to stand as guarantor for this loan. So Bassanio and Antonio approached Shylock, the ah long of the day, who agreed to provide Bassanio an interestfree loan, but there was a catch. If Bassanio and Antonio defaulted in repayment of this loan, Antonio would have to repay Shylock with a pound of flesh. Unfortunately, Antonio’s shipment never sails in, and Antonio is left with the prospect of having to sacrifice a pound of his own flesh, while Bassanio lives happily ever after with his lady love Portia.