These include especially the adequate involvement of all relevant host authorities; a coordinating role for the home country supervisor, with due respect to the responsibilities of host authorities; and arrangements – to be devised by the EU committees of supervisors established under the Lamfalussy approach – to foster consistent procedures and policies across different supervisory colleges. Lastly, closer ongoing cooperation should be pursued not only between supervisors, but also between supervisors and central banks. Such joint work, to be pursued at all levels (nationally, regionally and globally), would in particular aim to enhance the integration of supervisors’ micro-prudential functions and central banks’ macro-prudential functions in the assessment of possible financial risks and vulnerabilities. This would make a significant contribution to raising awareness of emerging financial system imbalances at an earlier stage and devising effectively coordinated public sector action to address them. Furthermore, given the growing role of correspondent and custodian banks in payment and settlement systems, closer cooperation between supervisors and central banks, in their role as overseers, is increasingly important to ensure a comprehensive and consistent treatment of the respective financial risks. Conclusion Mesdames et Messieurs, permettez-moi de conclure mon intervention. La mise en place d’un marché des capitaux européen sûr, efficient et totalement intégré est une contribution essentielle que l’Europe peut apporter dans le cadre d’un processus harmonieux de mondialisation financière. Des progrès significatifs ont déjà été réalisés dans ce domaine, mais de nouvelles avancées doivent être réalisées.

And even what we know and can identify today, our perceptions may be obscured by our perceived understanding based on past world views. There is a fine line between the knowns and the unknowns. Navigating through these will require striking the right balance between having an open mindset to allow innovations to prosper while ensuring that key risks can be contained. For the “known territory,” essentially developments that we have begun to identify use cases, can control the risks, and believe that the benefits will outweigh the costs, we must continue to refine our understanding, expand our knowledge, and find ways to streamline them into our policymaking process. This is so that the perception or the extent of what we know becomes clearer. For instance, growing popularity of internet-of-things—from usage of smartphones to various data-transmitting devices—has created massive amount of individual-level and transaction-level data. These “big data” can help unlock our understanding of the behavioral patterns, perhaps, not even realized by individual data owners. At the Bank of Thailand, we have begun employing big data analysis in macroeconomic, banking sector, and financial market assessments to complement our policymaking process. This has helped ensure that our policy actions are evidence-based and timely. At the same time, necessary steps are taken to validate the integrity and quality of data used as well as to safeguard data privacy. We are just scratching the surface of the potential usage of big data and much more work will be done in this area in the years to come.