f-NExT will assess the training needs of the financial sector holistically, and identify gaps in skills requirements. f-NExT will also strive to attract world-class training providers to set up in Singapore. Reputable training providers will be encouraged to set up more training centres to meet the industry's demands for specialised courses. IBF will gradually phase out training courses which overlap with programmes offered by other training providers. 4  International profile  As a leading financial centre, Singapore has a stake in a sound and stable international financial system. MAS is actively involved in the Financial Stability Forum (FSF), and initiatives undertaken by the Bank for International Settlements (BIS) to strengthen national and cross border supervisory standards and capital adequacy of banks, market surveillance, and payments and settlement systems. MAS participates actively at the International Organisation of Securities Commissions (IOSCO), contributing to its work in developing principles and guidelines, which serve as global best practice standards. MAS is also an Executive Committee member of the International Association of Insurance Supervisors (IAIS), which is the global standards-setting body for insurance supervision. Singapore is actively involved in regional financial fora, including ASEAN, APEC, the South East Asia Central Bank (SEACEN) Governors, and the Manila Framework Group. MAS is also engaged in expanded technical assistance to central banks and regulators in the Asia-Pacific over the past year, including training programmes on macroeconomic management and financial supervision.

What is needed here is a system where macroprudential policy fulfils an important role and can, in an interplay with fiscal and monetary policy, counteract the emergence of financial imbalances. The Riksbank’s assessment is that an amortisation requirement corresponding to at least Finansinspektionen’s proposal needs to be introduced as soon as possible. However, further measures in addition to this are needed to reduce households’ willingness to take on debt. Feasible measures include a reduction in the tax deduction allowed on interest payments, the introduction of a debt-to-value limit and stricter requirements for the banks’ credit assessments of individual households. More structural measures are also needed to increase the supply of housing and lead to a more efficiently-functioning housing market as I have already mentioned. But such reforms can only be introduced gradually and it will therefore take time before they can have any significant effect on household indebtedness. Next monetary policy decision presented on 3 September To summarise, I consider it is of the utmost importance that the mandate for macroprudential policy is clarified and that the application of the different tools does not come to a standstill. There is currently widespread awareness that a long-term sustainable solution requires a holistic approach that involves several policy areas. Nevertheless, there is a risk that more comprehensive measures and reforms are perceived as so unwieldy and difficult to manage that politicians would rather wait and hope for the best.