Another key difference compared with other advanced monetary unions like the United States is the lack of a central fiscal instrument to act countercyclically at the federal level. I fully acknowledge the political difficulties in building such an instrument in the euro area. Similar difficulties also exist when discussing the completion of the banking union and the establishment of a genuine capital markets union. At the same time, we should remain fully committed to the goal of achieving a genuine Economic and Monetary Union. Ignoring the need to fix the remaining institutional weaknesses of EMU would seriously damage what has already been achieved through the commitment and hard work of everyone involved. As I argued in this Committee eight years ago, we need to show “a clear trajectory for the future evolution” of EMU and thus frame the “expectations of both citizens and financial markets”. Allow me to take a longer-term perspective to draw the last lesson. While the euro area did not have a fiscal policy response comparable with that of other advanced economies, the ECB’s response was fully comparable with that of the other major central banks. Thanks to its independence, the ECB has been able to adapt its policy response and reaction function. Preserving this key asset will allow the ECB to adapt to future circumstances and ensure the effectiveness of its measures. This is all the more important considering that the desirability and relevance of central bank independence are increasingly being challenged around the world.
SPEECHES & INTERVIEWS  Governor's Speech at the Launching of Financial Crime Exhibition Speaker: Tan Sri Nor Shamsiah Mohd Yunus / Venue: Kuala Lumpur / Language: English / Speech/Interview Date: 26 Sep 2022 /  Welcome to the launch of the Financial Crime Exhibition. First of all, I would like to express my appreciation and gratitude to the Inspector- General of the Police for joining us at the launch of this virtual exhibition. Scams and cybercrimes have been on the rise of late, not just in Malaysia but all around the world. This is a concerning development which Bank Negara Malaysia (BNM) takes seriously. This is especially so where these cases concern financial scams. We have been and will continue to step up efforts to combat financial scams, and in doing so collaborate with other stakeholders. These include rolling out preventive measures, pursuing more effective and coordinated enforcement actions, and raising public awareness. BNM requires banks in Malaysia to adopt high standards of security, especially for Internet and mobile banking services. From time to time, BNM also issues security advisories to the financial industry highlighting the latest modus operandi (tactics) of scammers and additional security measures that banks need to implement to protect their customers' savings. The reality, however, is that methods used by criminals will continue to evolve. BNM therefore continuously intensifies efforts and take steps to combat scams by introducing additional controls and safeguards from time to time.