To reach that goal we have based our monetary policy on two “pillars”. As regards the first “pillar” we have set up a quantitative reference value, namely 4.5%, for the growth of the broad monetary aggregate M3; we have recently confirmed this rate of growth of 4,5 % as an important factor for stabilising expectations. It should be noted that the concept of a reference value does not imply a commitment on the part of the Eurosystem to mechanistically correct deviations in monetary growth in the short term. However, the reference value for M3 is consistent with, and helps to maintain price stability over the medium term. The second pillar of the monetary policy strategy is a very comprehensive set of indicators that are important in our eyes in signalling future price developments in the euro area. This strategy, which ensures a great deal of continuity with the monetary policies of the participating national central banks, appears to have been understood by financial markets and the public at large. In particular, the yields on long-term bonds denominated in euros indicate clearly that the Eurosystem has kept intact the legacy of credibility that it has inherited. d/ Finally, the credibility of the euro also results from the Eurosystem's constant efforts towards transparency and communication. I must stress here that the Eurosystem is one of the most transparent central banks in the world.
Instilling values in the financial sector strengthens trust of the people which benefits the public at large. The VBI initiative is envisaged to shape proactive behaviour amongst industry players. For the Islamic finance industry, the move towards embracing VBI is another hallmark in our journey to manifest the larger aspiration of Islamic finance. Islamic banks, with its natural affinity towards social justice are well-positioned to lead this agenda and become the prominent and leading agent of positive change. However, the momentum of VBI is only sustainable through collective endeavours that prompt a shift in our paradigm and change in our actions. It is only with our strong commitment that we can translate the VBI vision into reality. 3/4  BIS central bankers' speeches  4/4  BIS central bankers' speeches