By way of example, we need to design mechanisms so that large multinationals, particularly in the technological field, do not ultimately pose a risk to market competition conditions and so they may contribute to the sustainability of the welfare system. In this connection, the OECD is currently spearheading initiatives to improve the taxation of these companies. Another good example of the importance of concerted action concerns the need to urgently tackle the consequences of climate change. c. The case of the Economic and Monetary Union The Economic and Monetary Union is a good example of the dual need to improve the governance framework and, in parallel, to apply policies at the national level enabling growth and citizens’ well-being to increase. 5  In fact, despite the improvements made in the past decade, it is vital to strengthen European integration, especially through the completion of the EMU governance reforms. Specifically, as I have said on various occasions2, we must move promptly towards creating a single capital market and completing the Banking Union. These two initiatives are key both to the financing of investment and business innovation and to achieving a more robust and resilient monetary union in the face of adverse shocks. The Banking Union is a crucially important and far-reaching project for European construction. And this is why it is essential not to leave it unfinished. Following the start-up of the Single Supervision Mechanism and the Single Resolution Fund, efforts should focus on reaching an agreement on the launch of the European Deposit Insurance Scheme.

Especially for the AEC that already embarked on Free Trade Area, the increase in trade of goods among member countries needs efficient payment and settlement systems to support their business transactions. The movement of skilled labor also needs payment instruments and products that meet and serve their personal needs. In this part, I would like to highlight key considerations for future development in payment and settlement systems in response to the ASEAN economic region. The first one is Regional Connectivity for which I think many works have been initiated. At the policy level, the ASEAN Central Bank Governors Meeting has endorsed the Working Committee on Payment and Settlement Systems (WC-PSS) since 2010 to promote future enhancement, development and harmonization. The WC-PSS has set a vision to foster integrated, safe, and efficient payment and settlement systems in the region that enable businesses and individuals to make or receive electronic payments with greater convenience. In achieving its goals, the working committee has identified the roadmap for regional connectivity which is divided into three phases. •  In Short Term (2012–13), the roadmap focuses on promoting standardization to enable interoperability and inter-linkage among payment and settlement systems. International standards such as SWIFT message or other message standards are encouraged to be implemented. •  In Mid Term (2014–15), the roadmap focuses on improving existing infrastructure and payment environment. The improvement should meet economic needs, and takes the opportunity to standardize the systems to be ready for long term goal of regional integration.