and more stable with regard to the “ too big to fail ” and the “ too big to rescue ” issues. if this succeeds, the competitive position of the swiss banking sector will be reinforced in the long - term as a result of increased safety, reliability and credibility. the fact that the swiss federal council has appointed a commission of experts on the subject of “ too big to fail ” is an important step, which we welcome. the willingness of the big banks to participate actively in elaborating solutions to the “ too big to fail ” and “ too big to rescue ” issues is also welcome. these latest developments clearly show how urgent the problems are. ladies and gentlemen, if we do not manage to fundamentally reform the financial system, it is to be feared that a future crisis of even greater dimensions will trigger such a strong protectionist and regulatory reaction that the damage done will extend even to the market economy to which we owe our prosperity. we owe it to future generations to take action against this danger. doing nothing is not an option.

this fragile and fragmented world, is countries that speak out in favour of cooperation, in the international financial system and beyond. a fitting example of this was indonesia's g20 presidency in 2022, during which president widodo emphasised that inclusiveness is the priority of indonesia's leadership in the g20, and to " leave no one behind. " indonesia took over the g20 presidency in a tumultuous time, when the world was facing economic, public health, and geopolitical uncertainties. under the banner of'recover together, recover stronger'and strong leadership by indonesian authorities, this was a great success. indonesia's g20 presidency rose to the occasion to shape global priorities amid challenges and promote a more resilient, equitable world. and as chair, indonesia invited the netherlands to the meetings, even though we are not an offical g20 member. for that, we are grateful. also, indonesia and the netherlands are partners the network for greening the financial system. in this network, central banks collaborate globally to address climaterelated risks. this collective effort ensures coordinated action and knowledge sharing. also, indonesia and the netherlands are co - chairing the coalition of finance ministers for climate action. this important organisation brings together key fiscal policymakers from over 90 countries for a unified response to combat climate change. today, indonesia is one of the leading economies in the world. it is good and fitting that indonesia's position as an economic powerhouse is reflected in a stronger role on the international financial stage. the world needs your leadership. the netherlands supports you in that role. i started my remarks with a reflection on the humble origins of piggy banks in indonesia. today's world is so much more interconnected. the world economy and global finance rely on cooperation and shared rules to thrive. in the face of geoeconomic fragmentation, we must recognise that the benefits of a rule - based order and free trade 3 / 4 bis - central bankers'speeches extend beyond national borders. these benefits include increased prosperity, reduced poverty, and enhanced stability. by adhering to the international rules - based order, we can safeguard the gains globalisation has brought us. so, let us continue to nurture the spirit of cooperation. by doing so, we can build a more resilient and prosperous world, reinforcing our shared destiny. 4 / 4 bis - central bankers'speeches