vulnerability of response plans are often discovered during these exercises which allow organizations to continually improve their response processes. regular practice is the best practice. not only should these exercises be done by individual firms, but also at an industry level. the financial sector, for example, has started these exercises within the banking sector and will soon expand to other parts of the financial sector. as time goes by, our society becomes more interconnected, and eventually these cyber resilience exercises need to be done at the inter - industry level. for instance, the banking sector needs to have joint exercise with telecommunication companies for scenarios involving mobile banking attacks, or with the utilities sector for power outage scenarios. third, collaboration and information sharing are crucial in strengthening the overall cyber resilience. cyber threats are becoming much more complex that an individual organization ’ s defensive technology may not be able to catch up. close cooperation and sharing of cyber threat information will help organizations better monitor the development of cyber threats, recognize unfamiliar threats, and develop more comprehensive plans for dealing with such issues. cooperation is also more than just information sharing : whether it is cooperation in terms of supervision, development of standards, cyber exercises, or capability building. these kinds of cooperation that would eventually create a “ cybersecurity ecosystem ” requires efforts from all sides, including governments, regulatory agencies, the private sector, and the education sector. it is very welcoming that today there are already a number of information sharing platforms available at the national, regional, and international levels. thailand ’ s finance, banking, capital markets, and insurance industries have established a computer emergency response team ( cert ) for their respective industry. the teams share cybersecurity information on a daily basis. at the regional level, asean has established the cybersecurity resilience and information sharing platform ( crisp ). the central banks, regulators, and supervisors ( ceres ) forum serves as a platform for the international community. these collaborations on multiple levels present opportunities for countries to learn from one another. more recently, under our capacity as the 2019 asean chairman, thailand has collaborated with the bank for international settlement ( bis ) to organize the asean financial regulators ’ program on cyber resilience, a series of training programs, the last of which concluded just yesterday. we envision that these cyber range collaborations will continue to be held for asean members going forward. although the financial sector has made significant progress in terms of cyber resilience, the never - ending development of cyber threats means

##udential policy and is frequently used by many emerging economies as a counter - cyclical measure against business and financial cycles. regardless of the measures used, all of the economies in the region have generally managed to stabilize long - term inflation expectations. thus, it can be said that these economies have been more or less successful in terms of achieving price stability. stephan gerlach and peter tillmann, “ inflation targeting matters in asia, ” column published on voxeu. org, centre for economic policy research, 2010 ; andrew filardo and hans genberg, “ targeting inflation in asia and the pacific : lessons from the recent past, ” in the international financial crisis and policy challenges in asia and the pacific, bis papers, no. 52, 2010. bis central bankers ’ speeches b. future possible direction of monetary policy conduct as mentioned earlier, one issue regarding monetary policy in the asia - pacific region is how to mitigate the business cycles that are amplified by the monetary policy conduct. some of the monetary policy conduct of the region could occasionally be pro - cyclical – i. e., monetary policy strengthens economic cycles, with accommodative monetary policy during a period of capital inflows and high economic growth, and with tight monetary policy during a period of capital outflows and sluggish economic growth. this could possibly be a source of deviation from the inflation target for a longer period than anticipated. as a potential way to address this problem, the inflation - targeting economies in the region may increasingly align their frameworks to those of advanced economies, in terms of target flexibility and design. in this regard, should they wish to consider a shift from an inflation target range to a target point, the experience of the united kingdom could provide a useful guide. 10 the country shifted from a target range – which it had introduced in october 1992 – to a target point in 1995, primarily to eliminate any ambiguity relating to the inflation rate ( and inflation expectations ) at which a central bank should conduct monetary policy. there appeared to be a “ range bias ” in 1992 – 1995 when there was an inflation target range of 1 – 4 percent : inflation expectations derived from the yield curve were stuck at the top of the range. it appears that there were increasing concerns over a possible misunderstanding, as if policy makers considered any level within the range to be indifferent. after the shift to an inflation target point, inflation expectations fell steadily as range bias was ironed out. new zealand has already moved in