In addition, we are currently emphasising the fact that, as a result of the low rate of inflation and the risk of appreciation, the minimum exchange rate will be the focus of monetary policy implementation for the foreseeable future. So you see, the SNB is carefully monitoring international debates about the right objective and the best way of communicating monetary policy. Nevertheless, no central bank should simply jump on the latest monetary policy bandwagon without careful consideration. On the contrary. Changes must be undertaken with great caution and care. Our monetary policy strategy worked well during the crisis, so there is no reason for us to abandon it. This also applies to the way we communicate, where – obviously – the demands are particularly great in times of crisis, and it is necessary to focus more than ever on the key messages. To avoid any misunderstanding, these messages must be simple and absolutely clear. Nevertheless, words alone are not always sufficient. A central bank must be prepared to back up its words by deeds. A good example of this was the situation in early summer 2012. With the European debt crisis escalating and, as a result, extreme upward pressure on the Swiss franc in the currency market, we rigorously enforced the minimum exchange rate through extensive foreign currency purchases. I would like to make a final point on monetary policy. During the crisis, central banks worked particularly closely together at the international level.
Zamani Abdul Ghani: Research and development in the financial services industry in Malaysia Speech by Mr Zamani Abdul Ghani, Deputy Governor of the Central Bank of Malaysia, at the Malaysian launch ceremony of the IBBM-University of Nottingham Financial Services Research Forum, Kuala Lumpur, 23 June 2006. *  *  *  I would like, first of all, to thank the organisers for inviting me to participate in the launch today of the IBBM - University of Nottingham Financial Services Research Forum today. This Forum represents an important strategic platform for financial services providers, regulators and the academia to collaborate in joint research in financial services-related areas, and to share the findings among its members. In fact, we have among us today representatives from universities in Malaysia as well as Malaysian conventional and Islamic financial institutions. Indeed, this is a highly commendable alliance, as the benefits will be reaped by all members. Let me take this opportunity to congratulate IBBM for being the first institution outside Europe to participate in the University of Nottingham Financial Services Research Forum . Ladies and Gentlemen, Today's event marks yet another important milestone for the financial services industry in Malaysia. The IBBM-University of Nottingham Financial Services Research Forum will pave the way in the intercontinental dialogue and research initiatives in the financial services industry. This collaborative effort is a positive development as it supports the Government's initiative towards a knowledge-based economy, in which joint research between the academia and the industry is encouraged.