Many economies have embarked on financial-sector reform, with the aim both of ensuring that the banking system is well capitalised and of promoting other forms of intermediation. Central banks have seen a strengthening of their capabilities and a clarification of their policies and roles. Most heartening of all, co-operation among central banks in the region has flourished. Many examples could be cited, from bilateral swap agreements to payment system linkages. 1  Zeti Akhtar Aziz: "Enhancing the Resilience and Stability of the Islamic Financial System": Governor's Keynote Address at the Islamic Financial Services Board and Institute of International Finance Conference, Kuala Lumpur, 20 November 2008. 2  BIS Review 12/2009  At the centre of this regional co-operation has been the work of EMEAP in facilitating practical co-operation in all areas of central bank activity, and particularly in surveillance and crisis management. I should add that these activities have benefited enormously from the wisdom and leadership of Governor Zeti and her colleagues. The Zeti Taskforce – the EMEAP taskforce on Regional Financial Co-operation – has laid out a comprehensive framework for enhancing central bank co-operation, which has been adopted by EMEAP as a blueprint for action. Calls were also made in the aftermath of the Asian financial crisis for a reform of the global financial architecture. Yet one of the great disappointments from those years, particularly when set against the real progress in regional co-operation, was the general absence of concrete measures on an international scale.

Jacqueline Loh: A coordinated and forward looking approach towards ASEAN disaster and climate risk resilience Keynote address by Ms Jacqueline Loh, Deputy Managing Director of the Monetary Authority of Singapore, at the NTU-ICRM's 10th Annual International Symposium on Catastrophe Risk Management, Singapore, 1 August 2019. * * * Distinguished guests, ladies and gentlemen, Good morning. Introduction 1. It is my pleasure and honour to join you today at the 10th anniversary of the NTU Institute of Catastrophe Risk Management (ICRM)’s annual symposium. Since its establishment in 2010, ICRM has come a long way to become one of Asia’s leading research institutes in catastrophe risk modelling and management. 2. The theme for this year’s symposium - “Towards Viable Disaster Risk Financing Solutions for Southeast Asia” - is a timely one. In the face of growing climate and disaster risks in the region, it is a pressing priority for all of us to come together to tackle the widening natural catastrophe protection gap, and contribute towards a sustainable and resilient future. Reaching Boiling Point 3. Asia has borne the brunt of catastrophe disasters. Over the last 50 years, Asia accounted for half of the world’s economic losses from natural disasters, amounting to more than $ trillion. In 2018, Asia was again the worst affected, beset by a number of significant events, including: Typhoon Jebi and Trami, which affected Japan and Taiwan, Typhoon Mangkhut, which impacted mainly Hong Kong, China and Philippines; and the Earthquakes and tsunamis in Sulawesi. 4. Natural disaster losses are high and rising.