In moving forward, measures will continue to be introduced to broaden further the participation of regional players in the domestic market through progressive liberalization of the foreign exchange administration rules and also the development of cross-border  2  BIS central bankers’ speeches  settlement infrastructures to enable more efficient and cost effective foreign currency trading and settlements. Arrangements supporting the regional integration process The region has more recently worked collectively towards establishing arrangements to support the economic and financial integration process. In particular, the ASEAN region has already benefited from the implementation of the ASEAN Free Trade Area (FTA), which was established to increase ASEAN’s competitive edge as a production base in the world market through the elimination of trade barriers within ASEAN. This is now further strengthened with the implementation of the ASEAN Investment Area which was adopted to promote greater flows of capital, skilled labour and technology within the region. In the area of financial markets, the ASEAN Capital Markets Forum Blueprint is also working towards achieving significant progress in building a regionally integrated market. This vision encapsulates free movements of capital, freedom for issuers to raise capital anywhere and for investors to have access to investment avenues anywhere within the region. In such a market, investors would be able to trade in ASEAN capital market products freely in any ASEAN market at a competitive fee from a single access point, with capital market intermediaries being able to provide services throughout ASEAN.

Zeti Akhtar Aziz: Asian money, bonds and derivatives in the new global economy Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the 13th Annual Conference of Fixed Income, Money Market and Derivatives Association of India (FIMMDA) and Primary Dealers Association of India (PDAI), Kuala Lumpur, 27 January 2012. *  *  *  It has been more than half a decade since the beginning of the global financial crisis, and its ramifications continue to reverberate across the world. Currently, the global financial and economic landscape continues to be confronted with stress and uncertainty, stemming from the prevailing structural weaknesses, deleveraging of the private financial and non-financial sectors, and the escalating strains in public finances in the advanced economies. Despite these significant near-term challenges, the fundamental global economic and financial transformation that commenced prior to the crisis has continued unabated. A new global economy is emerging. The rise in significance of the emerging economies is resulting in a fundamental realignment in the global landscape as the balance of global economic strength shifts to the emerging economies, with its consequent implications on long-term global economic and financial flows. With the rapid growth in domestic demand, reinforced by the vast productive investment opportunities within and across the emerging economies, it is projected that the emerging world will account for 60 percent of total world output by 2030, higher by 20 percent from its current level.