ooi sang kuang : expanding asean - eu economic links - the role of the euro closing remarks by mr ooi sang kuang, deputy governor of the central bank of malaysia, at the euro conference - a€œexpanding asean - eu economic links - the role of the euro ", kuala lumpur, 15 july 2005. * * * yang berhormat dato'mustapa bin mohamed, minister in the prime minister's department mr. klaus regling, director general, european commission your excellency ambassador thierry rommel excellencies distinguished speakers and guests ladies and gentlemen, indeed, we have come to the end of a very fruitful set of discussions at this conference. i was pleased to note that the tone of our discussions has underscored that the bilateral spirit of cooperation between asean and the eu is intact and strong. i sensed a unanimous recognition that it is only by continuing to work together and cooperate with each other that we can reinforce this positive partnership to perpetuate continued shared prosperity. against the background of strengthening our partnership, i sensed the acknowledgement among participants that we do have a dynamic partnership, but that there remains more to be done to foster greater symmetry in the relationship for increased wealth creating possibilities. i believe the conference has set in motion how the prevailing economic and financial developments as well as prospects in asean and the eu can contribute further to the agenda of taking our partnership forward. at the outset of the conference, it has been clearly articulated by our eu speakers that the enlargement of the eu and the economic and monetary integration of acceding countries will not only strengthen the role of the eu as a global player in the long term, but also make a sustainable contribution to global stability and prosperity. on the developments and prospects for asean, our asean speakers have more than stressed that the overall economic and financial transformation that has occurred in asean since the asian financial crisis has resulted in an asean that is a mutually reinforcing region of growth ; an asean that has an increasing role in the creation of wealth ; and an asean that will remain as an important region in promoting and supporting global stability and growth. this conference has revealed to us that both our regions are currently at the confluence of favourable factors ; factors that have led to a marked expansion in the base of opportunities that we can offer each other. it is imperative that our discussions on taking advantage of the emerging opportunities be translated into concrete actions. we are of course aware that implementing these actions will demand

were always preferable. and how do consumers make their choice? the next question is how cards and cash are actually used. how does the swedish consumer make this choice? to find out, the riksbank ordered a survey of the consumer ’ s bergman, m., guibourg, g., segendorf, b., ( 2007 ), “ the costs of paying – private and social costs of cash and card payments ”. sveriges riksbank working paper series no. 212. the study uses swedish cost data from 2002. the swedish financial market 2007, sveriges riksbank. bergman, m., guibourg, g., segendorf, b., ( 2007 ), “ the costs of paying – private and social costs of cash and card payments ”. sveriges riksbank working paper series no. 212. choice between cards and cash. 8 in addition to the actual choice of means of payment, the individuals were asked about the size of their most recent purchase. we were able to use data from this survey to estimate the actual cut - off point in the choice between cards and cash. this was defined as the amount at which the probability that a consumer would choose to pay by card was as great as the probability that the consumer would choose to pay by cash. the survey showed that an average consumer chooses to pay by card when the amount exceeds sek 123. 9 neither gender nor region appears to play any major role in the choice. but the educational level of the consumer and above all his or her age, does have a substantial effect on the result. a 60 - year old consumer will only choose a card over cash when making a purchase of, on average, sek 179, while a 20 - year old consumer would choose to pay by card for a transaction as low as sek 60. it would appear that young people ’ s choice is fairly close to a cost - efficient choice from society ’ s point of view. the study is based on data from 2002, but there is nothing to indicate that consumers ’ methods of payment have changed radically since then, although cards have continued to grow in importance. use of cash is still at a high level in sweden. the cost of cash management has probably risen more than the cost of card management, calculated per transaction. the costs for increasing security for cash - in - transit and atms have been substantial. there are many indications that the gap in socioeconomic costs between cards