ASEAN is now the sixth-largest economy in the world in terms of combined GDP; and is the fourth-largest exporting region after China, the U.S. and Germany. The ASEAN Economic Community is governed by the principles of mutual respect for countries’ independence, national identities, and levels of development. These principles have become a foundation for deeper economic and financial integration, creating a region that is more inclusive and sustainable. However, globalisation has presented us with significant challenges. Where it has created winners, many have been dislocated. Fruits of globalisation that were not equitably shared led to a sense of injustice within the global community and economy. Now, domestic inequality has increased, while existing wedges in wealth distribution, employment opportunities and social mobility have been amplified by globalisation. Public discourse on both the positives and negatives of globalisation is not new. What is new is the rising public backlash against globalisation, which has been used by some to promote their narrow economic and political agenda. Ironically, some of these originated from the very economies that advocated globalisation as a means to generate greater wealth. Some of these concerns are legitimate and deserve due attention by policymakers and researchers. The advocacy that globalisation should be made fairer warrants strong consideration. Maximising benefits and evenly distributing it is a worthwhile goal. Let’s challenge the conventional wisdom and consider unorthodox solutions. As these solutions will invariably have global dimensions, cooperation amongst countries is critical. This is where the IMF, as a global institution, can facilitate and play a meaningful role.

I also welcome the IMF’s continuous engagement and responsiveness to the experiences of countries in this region, that have been using these policy tools for many decades. And I hope the IMF will continue to fine-tune the Institutional View on Capital Flows and its interaction with macroprudential policy. To my mind, this will provide the 3/5  BIS central bankers' speeches  impetus to a deeper partnership between members and the IMF as a trusted policy advisor. The second area relates to our policy approaches. They must be clear, coherent and complementary to ensure a more human-centered approach. Experience shows that for globalisation to make sense to the man on the street, they must ‘feel’ and be ‘touched’ by its benefits, and be satisfied that their lives are better than before. Public engagement is important to address specific concerns. Domestic policy programs and implementation must be coherent, comprehensively explained and easily understood, and complemented by policy measures consistent with the intended outcomes of international arrangements. Robust communication and transparent assessments can contribute to deeper levels of public understanding and acceptance. With information now easily accessible to all and sundry, authorities are no longer the sole arbiter of knowledge. Authorities, therefore, cannot maintain a one-dimensional communication strategy to explain the multi-dimensional policies and the consequent impact of those policies that we implemented. Finally, we must fully embrace the explosion of technology to keep pace with the altered global economic landscape. Come 2020, more than 24 billion internet-connected devices will be installed.