In 1978, he told a group of central bankers that a central bank needs to earn the right to advise the government by winning the confidence and respect of the public. Earning this right is difficult, but once this is accomplished “a central bank would have the strongest guarantee for its independence and effectiveness, far stronger than any formal expression of central banking authority”. Yet, however independent a central bank is from the government, it cannot function in isolation. Fiscal and monetary policies are most effective when they are well coordinated. Further, in a world increasingly buffeted by protectionism and the risk of financial contagion, central banks 2/3  BIS central bankers' speeches  must cooperate with each other. Effective policy making today needs to have a global perspective as the fallout of policy failures often spread rapidly across borders. Cooperation at the national, regional and international levels, is necessary. This trust however, forms out of reliability, and reliability stems from competence. It is my firmest belief that the best way for us to honour the late Governor Ismail Ali is to carry on this vision – the vision of a central bank independent, competent and respected. Once again, I would like to thank everyone present for joining us in commemorating the centennial of Governor Ismail Ali’s birth. In particular, our heartfelt gratitude goes to Prime Minister, Tun Dr Siti Hasmah and family members of Governor Ismail Ali for your support and presence for today’s special occasion.
Nor Shamsiah Mohd Yunus: Trust and integrity key principals of Malaysia central bank’s first governor Welcoming remarks by Ms Nor Shamsiah Mohd Yunus, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Commemoration of the Centennial of Tun Ismail Ali’s Birth, Kuala Lumpur, 8 October 2018. * * * Trust and integrity. These were the key principles of the man who built Bank Negara Malaysia and shaped the nation. Some remember him for establishing institutions that form the economic pillars of modern Malaysia; some remember him for his contributions to the nation and the financial system. Some may remember him as family, or a good friend. Not all had the privilege to meet him, but all remember Governor Ismail Ali as a paragon of trust and integrity. Despite being the hands that shaped Malaysia’s early history, little has been written of Governor Ismail Ali. Stories of his discipline, thrift and dedication only passed through word-of-mouth, rarely put to paper. His wisdom and experience, whispered from ear-to-ear, risk being lost to the winds of time. It is my great pleasure to welcome you today. Indeed, it is our privilege to have Prime Minister Tun Dr. Mahathir to grace today’s event and Tun Dr. Siti Hasmah Mohd Ali to deliver a special tribute speech. Few may know that Governor Ismail Ali is the brother of Tun Dr Siti Hasmah and the brother-in-law of our Prime Minister.