The task is even more daunting when the world is going through significant transformation, with unprecedented policy actions all across the globe, and with yet-to-be- known consequences of such actions and their unwinding. Faced with the uncertainty and the complexity of the environment we are operating in, we need to take a broader perspective and make sure our decisions are robust under different plausible eventualities. At the same time, the Bank of Thailand constantly strives to expand our economic surveillance capability, by collecting up-to-date intelligence on economic and financial conditions through indirect and direct contacts with the market. The insights from direct contact, coupled with the information from surveys like our Business Sentiment Survey sharpen the picture we get from the other available statistics. This is one reason why monetary policy cannot simply follow mechanistic and simplistic rules based solely on any single data. Nonetheless, uncertainties can never be off the table. In this light, a prudent approach is to move in careful and measured steps. That kind of incremental action in what we perceive to be the right direction is likely to contribute more to economic stability than aggressive attempts to fine tune the economy. BIS central bankers’ speeches  3  3. Inability to address supply-side impediments  The third limitation of monetary policy I would like to emphasize today is its inability to address supply-side impediments. Through interest rate adjustment, monetary policy can influence aggregate demand in the economy.

How we can support LGBT+ colleagues  The question we have been considering is what might this mean for LGBT+ colleagues given the challenges they face - some of which are unique, while others are common to many minority groups. Being open with colleagues is an example of a particular concern within the LGBT+ community. Individuals can find revealing their sexual orientation and gender identity or expression difficult or even distressing in a workplace setting. And it is a process they may need to repeat endlessly given these characteristics are not always visible. According to a report by Stonewall6, more than a third of LGBT+ colleagues had hidden or disguised the fact that they were LGBT+ at work in the prior year because they were afraid of discrimination. 3  https://d25d2506sfb94s.cloudfront.net/cumulus_uploads/document/0mefw998rr/YG-Archive-SexualityScaleInternal-240519.pdf https://survation.com/wp-content/uploads/2016/01/Full-Fawcett-Tables-FM-Cover-1-12.pdf https://www.cipd.co.uk/Images/diversity-and-inclusion-at-work_2018-facing-up-to-the-business-case-technical-report_tcm18-47062.pdf 6 https://www.stonewall.org.uk/LGBT+-britain-work-report 4 5  3  All speeches are available online at www.bankofengland.co.uk/news/speeches  3  This needs to be addressed head on. We must make sure that colleagues feel they can be open at work without any fear of discrimination or judgement. LGBT+ colleagues are also disproportionately subject to bullying and harassment. The Stonewall report found that almost one in five LGBT+ colleagues have been the target of negative comments or conduct from work colleagues in the last year because they were LGBT+. Also worryingly, the survey found that one in eight lesbian, gay and bi people would not feel confident reporting any homophobic or biphobic bullying to their employer.