He cared deeply for his staff’s welfare and, like any parent, was stern to those under him so that they may grow into the best versions of themselves. He treasured friendship and spoke of his close relationship with fellow central bankers as one of the “most satisfying things for a Governor”. This underpinned his unwavering commitment to harness the spirit of trust and cooperation amongst the regional and international central banking community amidst the rising crescendo of challenges confronting the global economy and financial system. He sowed the seeds for collaboration, such as through the establishment of the South East Asian Central Banks Centre (SEACEN). Governor Ismail Ali strove for perfection, yet he understood that neither economic assumption, ceteris paribus, nor econometric models can accurately predict this world. He said that “the central bank works in an uncertain world, with policy tools that are often not easily understood, and seeking to meet objectives of policy that are always broadly defined. With these uncertainties in an imperfect world, the central banker needs to have the serenity to accept what cannot be changed, the courage to change what cannot be accepted, and the wisdom to distinguish one from the other". As we sifted through the mementoes of Governor Ismail Ali for the book, we noticed that rarely were there pictures of him at the centre of attention; in most, he was at the side of a dignitary dispensing advice. I believe this aptly encapsulates his deep understanding of the role of a central bank.
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.