Even the Bundesbank built up its formidable reputation during the German post war economic miracle. That said, I do not think there is any doubt that the new approach to monetary policy did represent a major advance on what went before. In what way? Inflation targeting, the UK’s current approach, broke with past attempts to run an independent monetary policy by offering commitment and clarity. For the first time, the Government and the Bank of England committed to clear objectives, clear communications and clear lines of accountability. We now have a decision-taking framework which allows monetary policymakers plenty of room for discretion, while forcing them to provide a full explanation of their thinking. By hook or by crook, the fact is that central banks do now enjoy considerable credibility. They treasure that legacy, much like any blue chip company, and for many of the same reasons. Credibility, and the trust that flows from it, is worth a great deal in policy-making, as in business. If people believe that the Bank will act to keep inflation low and stable they will factor that in to their decisions. (They may have been doing this recently, in judging how to respond to higher oil prices.) If so, that in turn makes it easier for the Bank to keep inflation on track, and reduces the fluctuations in output that controlling inflation can involve. So it is not implausible to assign a significant role to better policy in explaining the Great Stability.
Abdul Rasheed Ghaffour: Islamic finance and halal industry opportunity, impact, synergy Remarks by Mr Abdul Rasheed Ghaffour, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Islamic Finance Rendezvous Series "Islamic finance and halal industry opportunity, impact, synergy", Kuala Lumpur, 1 October 2019. * * * "Opportunity...Impact...Synergy...” ...Introduction in Malaysian...  Malaysia is well-positioned to capitalise on huge opportunities in the global halal industry The global halal business is thriving. This creates abundance of opportunity. In its report on “The State of the Islamic Economy 2018 – 2019”, Thomson Reuters projected the size of global halal industry to grow from USD2.1 trillion in 2017 to USD3.1 trillion by 2023. Growing global population of young and affluent Muslims1, is among the main drivers supporting such demand. Domestically, this is further supported by the Malaysian demography of Muslim-majority. As a nation, Malaysia has the necessary ingredients to seize the opportunity. Infrastructure for halal business is comprehensive. The halal certification programme by JAKIM is internationallyrecognised and well-sought after. Malaysia also has a mature domestic Islamic financial system that stands ready to respond to the evolving and growing needs of businesses. This is evidenced by Malaysia reigning the Thomson Reuters Global Islamic Economy Indicator Index (GIEI) for five consecutive years. The global numbers are exciting. The prospects are great. But, Malaysia remains a small player in the halal trade internationally.