Measured against these milestones, I must admit that I am truly impressed by the way Ireland has handled its tough challenges, especially since the beginning of last year: the economy is well on the way to restoring competitiveness, reducing the fiscal deficit (–10.6 in 2011; –8.6 goal for 2012), overhauling the institutional framework and restructuring the banking sector. It is the only programme country that has managed to close its trade deficit and to return to growth last year, even if at modest rates (0.7% in 2011; projections: 0.5% in 2012; 2.0% in 2013). This turnaround would not have been possible without Ireland’s biggest asset: a talented, well-educated workforce. This strength is maybe most clearly reflected in the fact that the export sector has continued to attract foreign investment in the midst of one of the worst crises to hit the world economy in the last century. Structural reforms True, structural reforms are helping to restore competitiveness and flexibility, and Ireland, allin-all, benefited from a much more flexible labour market than, for example, Greece or Spain. It is true that some of the structural reforms will take time to show full effect, but their capacity to improve the situation for ordinary citizens should not be underestimated. Just to give you some examples: the market for legal and medical services is currently being deregulated and made more competitive. This is something that will lower prices for Irish consumers, expand activity and increase employment. In the labour market, an important overhaul of employment contracts has been announced.

Keynote Speech “Strengthening ACMECS Integration through Financial Cooperation” ACMECS CEO Forum Dr. Veerathai Santiprabhob Governor of the Bank of Thailand Friday, 15 June 2018 Shangri-La Hotel, Bangkok  Excellencies, Distinguished guests, Ladies and gentlemen, Swasdee krub, First of all, I would like to take this opportunity to thank the leaders of the Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS) and the organizers for the opportunity to speak at this very important forum. I believe the ACMECS and the Bank of Thailand share a common goal, a goal of promoting economic and financial developments to ensure sustainable well-being of our people. Certainly, our region has immense potential from growth perspectives, with abundant natural resources to population primed to embrace new economic opportunities. Just as important is the development of our financial systems to unlock the potential of our people and support growing intraregional trade and investment. A well-functioning financial system is a critical foundation for us to achieve our common goal. To establish suitable financial environment, financial development policies in the ACMECS region must focus on three key words of productivity, immunity, and inclusivity. Productive financial sector enables efficient resource allocation critical for raising the productivity of the economy as a whole. Maintaining a resilient financial system allows for smooth functioning of the financial market, improves risk management, and keeps systemic risk at bay. And, an inclusive financial system ensures that the benefits from economic growth can be shared fairly across the whole society, fostering stable social and economic environment conducive for sustainable growth.