asia ’ s own growth and stability, but also for the continued resilience of asian financial systems, as well as the future of international banking. against this background, i want to leave you with a few thoughts on the way forward. my overriding message is simple : given the complexity of the proposed reforms, the recent experience of implementation and coordination gaps, and the implications that the new global standards can have for asia ’ s growth prospects and the stability of the financial system, it is important that asia plays a stronger role in shaping global policies. this is to ensure that the adopted international standards are consistent with asia ’ s long - term interest in sustaining economic growth and stability, while helping to promote higher standards for banking supervision and regulation globally. to this end, i think emerging markets asia, as a group, must aim for a coordinated response on at least three fronts. first, is the coordinated approach with respect to implementing the new global regulatory standards. this means emerging market asia needs to aim for a degree of flexibility whereby national or regional variation or discretion is warranted in pursuing the shared global standards. the aim of flexibility is to adapt the new standards for local settings, taking account of the vast diversity that exists in levels of development and structures of the region ’ s financial systems. the dimensions which such adaptive flexibility may apply include timing of implementation, as well as technical calibration of policy measures. second, to ensure an effective adoption of the global standards, asia needs to establish a regional approach or standards on the key regulatory and supervisory issues. for example, on the issue of cross - border supervision, we need more effective home - host relationships with more authority for host supervisors with regard to information sharing especially during a crisis, and national discretion on capital and liquidity requirements of local operations of sifis. also, we should strengthen regional coordination on crisis management, for example, in dealing with home regulator on the resolution of sifis, supplemented by a process of supervisory surveillance of sifis ’ operating in the region that extends to highly interconnected markets such as otc derivatives and interbank transactions. third, is the need to strengthen the regional financial system through greater regional financial integration and development of a robust region - wide financial infrastructure. at this time, efforts to strengthen financial systems through reform and institutional building are being carried out visibly at the national level. in thailand, the bank of thailand has embarked on its second financial sector master plan aimed at promoting greater efficiency through competition, expanding access

to financial services, and strengthening local financial infrastructure. but at the regional level, large benefits to the region ’ s longer - term growth and welfare can be gained by promoting closer integration of financial systems in the region through the development of the region ’ s asset market, the banking sector, financial technology and financial infrastructure. all this will help ensure a continued translation into productive investment of the region ’ s high savings, intermediated by asia ’ s own financial system. this is a feature that, in my view, is most critical for achieving and ensuring sustained economic growth and prosperity in asia. i hope this brief remark is useful. again, i would like to thank bank negara malaysia and the adbi for the invitation. thank you.