In 1999 the Riksbank formally received independence, with an Executive Board that makes monetary policy decisions and a statutory inflation target. The changeover in exchange rate and monetary policy and the Riksbank’s increased independence have been important conditions for bringing down inflation to a level that corresponds to other countries. This development has been supported by the budget consolidation and the wage formation reform. Sweden is now once again a low inflation economy, after cost crises and overheating. Over the past 10 years, inflation has varied between just below zero and just over three per cent on an annual rate and inflation expectations have stabilised at around 2 per cent a year. International inflation is also lower now. Both in the EU and the OECD area, inflation is close to 2 per cent a year. The major distinction from before is that the difference in inflation between Sweden and other countries has declined. We once again have an inflation rate comparable with that in Germany. Things also look better in other regards than they did in the 1970s and 1980s. During the 1960s and up to the mid-1970s, Sweden enjoyed high growth, with the exception of a few individual years. This was followed by a period up to the early 1990s when growth was lower and varied considerably. Some years it was even negative. Over the past ten years we have once again enjoyed good and relatively stable growth.
More recently, there has also been continuous innovation and an increasing number of issuances in foreign currency. As Malaysia offers international participation in our Islamic financial system, we offer to be an international gateway, particularly in strengthening the link between the two important dynamic growth regions of Asia and the Middle East. Malaysia will also continue to collaborate with other regulatory authorities to ensure financial stability in the Islamic financial system. This will be through our active involvement in the Islamic Financial Services Board (IFSB), the Islamic Financial Stability Forum (IFSF), the initiatives by the Islamic Development Bank (IDB), and finally in the newly formed International Islamic Liquidity Management Corporation (IILM). In the area of capacity building, Malaysia has also given priority to two areas: one is in human capital development and the second, in catalysing mutual recognition of Shariah  BIS Review 141/2010  1  interpretations. The International Centre of Education in Islamic finance (INCEIF) was established in 2006 for advanced education for practitioners in Islamic finance, and in 2008, the International Shariah Research Academy (ISRA) was established to conduct applied Shariah research on the contemporary Islamic finance issues and to provide a platform for active international engagement among Shariah scholars. Moving forward, Malaysia will continue its efforts in strengthening our international linkages in the global Islamic financial system through collaborative partnerships and cooperation with the objective of contributing towards greater international financial and economic integration. Let me conclude.