An important lesson is to continue to strengthen our resilience and buffers, especially during the good times. A World of Contrasts: Bankers as Active Stakeholders, Not Passive Bystanders The banking sector has been a central pillar of strength for the Malaysian economy. The industry can play a more positive role by engaging positively in conversations on economic and financial issues confronting the country. As I have experienced in the last one year, the chamber of conversation on the economy could be further expanded. Narratives on the economy and the industry continue to be shaped by external parties, drowning out the occasional whispers from the banking industry. Given the central role of banks in the economy, bankers have the equivalent of a box seat to provide an informed view on developments in the economy and financial system. Rather than being onlookers, the banking industry should weigh in on domestic economic discourse. From sectoral issues to macro trends, bankers’ perspectives would provide additional viewpoints and enrich assessments by the public and financial community, and help address gaps between reality and perception that have too often dominated the public conversation. It is therefore timely for our bankers to participate more actively in the economic discourse to shape a more balanced narrative. Bankers should be proactively offering solutions to some of the pressing economic and financial issues facing the country. A positive voice for socioeconomic change can help instill greater public trust in the role of the banking sector in nation building.
Conclusion This conference’s organizers have put together an excellent program that addresses many of the points I have touched upon – from international financial stability, to capital market integration, to financial crisis resolution, to IMF governance. In these and other areas, work is underway on a medium-term strategy that will guide the IMF’s priorities and decision-making over the next few years. Your discussions will therefore provide valuable insights for that medium-term strategy, which we hope to finalize by the time of the 2005 Annual Meetings in September. Subsequently, I anticipate that the debate on longer-term issues, relating for instance to global governance and the future structure of the international monetary system, will continue, both within and outside the Fund. I look forward to your contributions to that debate as well. Thank you once again for your presence and participation in this symposium. As we consider how the IMF can best serve its membership and the world, it is indeed a great privilege to be able to tap into your wealth of experience and knowledge on some of the issues that lie at the heart of our institution’s mandate. BIS Review 43/2005  5