Such efforts would be effective when complemented with a consumer protection framework and product disclosure requirements that would instil user confidence and acceptance. Bank Negara Malaysia constantly collaborates with the industry to conduct roadshows, payment system forums and other outreach programs to educate the public of the benefits and security of e-payment transactions. Apart from issuing requirements on consumer protection and product disclosure, an important milestone was achieved last year where protecting the rights and interests of consumers of financial services and products has been enshrined as one of regulatory objectives that Bank Negara Malaysia shall strive for in the Financial Services Act 2013 and the Islamic Financial Services Act 2013. Conclusion Ladies and gentlemen, we are now living in an exciting time with rapid technological advances in e-payments which, if harnessed well, would serve to drive financial inclusion in a major way. To be successful in an increasingly competitive payment space, the industry should adopt a long term horizon and be prepared to sacrifice immediate term profits in order to sustain its profits and build affordable and sustainable e-payment solutions that cater to the needs of  BIS central bankers’ speeches  5  the masses, including the unbanked and the underbanked. Collective efforts to build and share infrastructure would be a step in the right direction. Policymakers on the other hand have the duty to create the enabling environment by removing price distortions, promoting competition and protecting the interest of consumers.
It presupposes that the general public has ample opportunity to insight into our activities and that we are regularly  2  BIS Review 22/2008  examined. So assessment is important to us – both from an efficiency perspective and a democratic perspective. However, for the assessment to meet these purposes, there are a couple of factors to be taken into account. What can monetary policy achieve? To begin with, the demands – the actual base for the assessment – should be founded on what monetary policy can actually achieve. Monetary policy is able to secure an inflation rate that is in line with the inflation target over a number of years. It can also contribute to stabilising cyclical fluctuations in production and employment. However, monetary policy cannot achieve a permanently higher level of employment or growth in the economy. Both previous experience and economic theory have shown this to be the case. And this was one of the reasons why it was decided when drawing up the Sveriges Riksbank Act that it would be inappropriate for the Riksbank to have an explicit target regarding, for instance, GDP growth or employment, in addition to the price stability objective. It would then appear natural to assess monetary policy by looking at the way in which the inflation outcome relates to the Riksbank’s inflation target. But there are some factors here too that should be borne in mind. In retrospect One such factor is that efficient inflation targeting by necessity must be based on forecasts of economic development.