burhanuddin abdullah : reflections on the changes in the region a decade after the asian crisis speech by dr burhanuddin abdullah, governor of bank indonesia, at the international symposium “ ten years after the asian currency crisis : future challenges for the asian economies and financial markets ”, hosted by the center for monetary cooperation in asia ( cemcoa ), bank of japan, tokyo, 22 january 2007. * * * honorable governor of bank of japan, mr. toshihiko fukui, honorable managing director of the imf, mr. rodrigo de rato, fellow governors, ladies and gentlemen, good morning. first i wish to join others to express our appreciation to thank the bank of japan for organizing this important event. it is indeed an opportune time to reflect on the recent developments and progress that we have achieved following the crisis. i believe that through a frank and candid discussion we can share from each others ’ experience during this symposium in the spirit of cooperation especially on how we have fared through the turbulence period of unprecedented economic crisis of the late nineties. we expect that we can capitalize on the recent progress and cope with the future challenges for the benefit of our economies. in this session, allow me to briefly express my reflection on the changes in the region a decade after the asian crisis to identify factors that would influence the economic dynamism and prospects of east asia in general and asean in particular. fellow governors, in my observation, i notice that a number of remarkable changes have occurred in the region. first is the heightened regional cooperation with the objective of establishing a regional self - help. unlike most of their counterparts in other parts of the world, the latest financial crisis, among other factors, provides strong impetus for the monetary and financial cooperation in east asia. the initiative to create a set of bilateral swap arrangement, to develop asian bond markets, and to conduct regional surveillance are our collective means to maintaining greater stability in the region, particularly in the face of highly volatile flows. i surely hope that this kind of cooperation will continue and be widened in the future so as to positively affect the economic dynamism in east asia. second, in the aftermath of the asian crisis, countries in east asia have become more conscious in protecting their own national interests and of strengthening their sense of security amidst greater global economic uncertainties. this is shown by the fact that countries in east asia have accumulated the bulk of the world's foreign - exchange reserves. in the past

chris salmon : remarks on the sterling monetary framework ( smf ) annual report remarks by mr chris salmon, executive director for markets of the bank of england, at the money markets liaison committee meeting, london, 13 july 2015. * * * i would like to thank eleanor broughton, ronnie driver, sarah john, ben martin and ben morley for their comments and contributions. the bank will hold an open forum this autumn. the forum will facilitate an open debate about the role of markets in society, and provide an opportunity to review how key financial markets are functioning. the bank ’ s own mechanism for interacting with markets, when implementing monetary policy and providing liquidity insurance, is set out in the sterling monetary framework ( smf ). markets work more effectively when participants are open and transparent about their activities, and the bank aspires to meet that standard in relation to its own market operations, including through publishing an annual report on the effectiveness of the smf. this committee brings together key participants in sterling money markets and is a natural venue to discuss the operation of smf. as such, today i want to summarise the key themes that were covered in our most recent annual reports and to sketch out some of the issues that the bank is likely to confront in coming years. these are areas where your future feedback will be essential as we work to maintain the effectiveness of the smf. liquidity insurance we have made a number of significant changes to the way the bank offers liquidity provision through the smf. as the governor has remarked, these changes have been aimed at providing more liquidity, at longer terms, at cheaper rates, and to a wider range of counterparties with the objective of ensuring that the bank of england is “ open for business ”. as discussed in the smf annual report, the main highlights over the past couple of years have included the extension of smf membership to broker - dealers and central counterparties ( ccps ), and the expansion of the monthly indexed long term repo ( iltr ) operations. the extension of the smf to broker - dealers and ccps gives non - banks access to the bank of england ’ s balance sheet for the first time. non - banks are becoming increasingly important to the financial system. the bank considered three key themes before widening smf membership : whether the non - bank institutions were systemically important, whether they were exposed to sterling liquidity risk, and whether they were appropriately prudentially regulated so that usage of the