the unemployment rate is falling, including in france, but at a slightly slower pace. the ecb ’ s monetary policy has made a strong contribution and the reforms implemented in each country have played a role. the countries that were severely affected by the financial crisis have had to undertake reforms. the reforms that they have implemented, particularly in the labour market, have been hard but are now bearing fruit. in spain, for example, growth is set to be above 3 % in 2016 and the unemployment rate is falling rapidly. france, which weathered the crisis better, faced less pressure to undertake reforms. today growth in france is weaker and unemployment is higher. this illustrates the importance of further reforms. 1 / 1 bis central bankers'speeches

##ffin dilemma or policy blunder is an on - going debate. regardless of the nature of the vulnerabilities, it is clear that there have not been enough high quality financial assets in relation to financial investors ’ demand. this is a factor that no doubt has contributed to the underpricing of risk and more importantly, a high degree of concentration in us financial assets, which have the most liquidity. this point is especially important because when the global economy resumes its normal path and when emerging market economies further accelerate their growth and development, it is without doubt that wealth will once again accumulate. this will result in greater global resources searching for investment in global financial markets. therefore, i believe that there is a need to have more financial and capital markets that are deep and broad enough to have the acceptance of investors to help absorb the increased wealth and provide alternatives for quality investment globally. looking around, some emerging market economies are certainly in a good position to further develop their financial markets in that direction. this is consistent with the concept of risk diversification. over the longer term, the instability, whether inherent or not, would decline if we have more developed financial and capital markets and also, by default, a multi - currency system as they reduce the risk concentration on one individual financial market and currency. conclusion in closing, i believe that policymakers over the world need to focus our effort on all aspects of policy challenges in parallel including surveillance, financial market developments, regulations, and risk management. i strongly believe that market players respond to policy incentives and therefore policymakers have the responsibility to put the right policy and incentives in place. there is no quick fix and it will take a long time and painful adjustment before countries that were at the epicenter of the global crisis can resume normalcy. in asia, we have taken a decade to strengthen our economic resilience. because of our past efforts, we have been able to weather this crisis relatively well. that said, our work in asia is still ongoing to strengthen the policy framework and tools to deal with future crisis that will surely not be the same as the last. importantly, we are mindful that the world will have much less fiscal space to cushion potential global contraction, should the next crisis hit. while it may be easier to advance these efforts at the national level, achieving policy coordination on the global level will be much more difficult. time, spirit of cooperation and good global citizenship, as well as maintaining policy and risk focus will be essential for all