More recently, the ringgit had adjusted to reflect changes in the global economy including the developments in the US economy and global crude oil prices. Certainly there are risks associated with different levels of exchange rates and that different levels of exchange rate will benefit differently the various sectors and stakeholders in the economy. Looking forward, while the financial markets can be capricious, as market players focus on short-term developments, our role as policy makers is to look beyond these noises. As we continue to address our vulnerabilities and improve domestic fundamentals, the ringgit will eventually reflect the strength of our economy. Our path forward would continue to be characterised by fast-moving and ever-evolving macroeconomic risks and constantly evolving global trends. In facing the complex and multifaceted risks associated with it, the Malaysian economy is subjected to concerns of price stability and many other considerations that could affect overall macroeconomic stability. This brings me to another one of our approaches in relation to ensuring overall macroeconomic stability. We do not rely on any single policy tool. In particular, dependence on monetary policy as the sole instrument would be too narrow an approach. Monetary policy at best provides an enabling macroeconomic environment to support growth, and it should not be relied upon as the primary instrument to drive growth. In this regard, the Bank’s policy toolkit relies on a broad set of instruments to achieve overall macroeconomic stability. This includes considerations of macroprudential and pro-growth policies, as well as our advice on fiscal policy to the government.
The socio- and geopolitical paralysis that is splicing the centre towards the far-left and far-right in so many parts of the world can be traced back to the unequal sharing of global economic progress in past decades. This underscores the importance of broader-based economic growth and the urgency 7/8  BIS Central Banker's Speeches  to close the inequality gap. Leaders from the public and private sectors must help boost labourmarket participation; across genders, creed and nationalities and cushion any negative social costs that may arise as a by-product of growth. Only by reawakening growth, reigniting productivity and restoring inclusiveness, can we reclaim a positive and sustainable future. On that note, I would like to congratulate MIER on its commitment to research this past 30 years. It is my hope that MIER will continue to produce quality policy-informative-research, strengthening the synergies that exist between policy-making and research efforts. Finally, my wish is for MIER to become the leading “global bearer” for economic research in Malaysia; a think-tank that matters, to the sound policy formulation of the nation. Thank you. 1 Income Inequality: The Gap between Rich and Poor, B. Keely (OECD Insights, 2015). 2 Sharing the Growth Dividend: Analysis of Inequality in Asia, S. Jain Chandra et al. (IMF Working Paper, 2016). 3  The Morning Ledger: Productivity Slump Threatens Long-Term U.S. Growth, W. Azeez (Wall Street Journal, 2016). 8/8  BIS Central Banker's Speeches