The full impact of these developments are only likely to be clear some years from now. This is indeed a most unfortunate situation. When factions exacerbate fractions, it damages even the most established forms of international cooperation. Third, the exponential speed of technological change has altered the global economic landscape and requires us to adapt fast. The proliferation of providers offer services that challenge the status quo. The dynamism of digital financial services redefines the nature of product delivery. It adds to the complexity of regulations and presents new challenges for economies, with broad consequences. Unattended, these challenges create risks that can stunt innovation, cause dislocation of labour and destabilise financial systems. Look at how ransomware attacks such as WannaCry and NotPetya have rattled internet users around the world. These virtual intruders infiltrated our synthetic selves, blocked access to our personal and professional files, and held us ransom by demanding payments to unlock them. These malwares infested computers operating on outdated and susceptible systems. For the financial sector, these recent attacks reinforce the lesson that, if we take a neutral stance to the IT revolution, we open ourselves up to weaknesses that can be extremely costly. For policymakers, these costs can have significant externalities that we must be concerned about. During World War II, Alan Turing and a team of experts took six months to crack the Enigma code. In contrast, today, Google can detect a virus in mere minutes through its algorithms.

I also welcome the IMF’s continuous engagement and responsiveness to the experiences of countries in this region, that have been using these policy tools for many decades. And I hope the IMF will continue to fine-tune the Institutional View on Capital Flows and its interaction with macroprudential policy. To my mind, this will provide the 3/5  BIS central bankers' speeches  impetus to a deeper partnership between members and the IMF as a trusted policy advisor. The second area relates to our policy approaches. They must be clear, coherent and complementary to ensure a more human-centered approach. Experience shows that for globalisation to make sense to the man on the street, they must ‘feel’ and be ‘touched’ by its benefits, and be satisfied that their lives are better than before. Public engagement is important to address specific concerns. Domestic policy programs and implementation must be coherent, comprehensively explained and easily understood, and complemented by policy measures consistent with the intended outcomes of international arrangements. Robust communication and transparent assessments can contribute to deeper levels of public understanding and acceptance. With information now easily accessible to all and sundry, authorities are no longer the sole arbiter of knowledge. Authorities, therefore, cannot maintain a one-dimensional communication strategy to explain the multi-dimensional policies and the consequent impact of those policies that we implemented. Finally, we must fully embrace the explosion of technology to keep pace with the altered global economic landscape. Come 2020, more than 24 billion internet-connected devices will be installed.