darryl chan : europe, asia and the changing global economy welcoming remarks by mr darryl chan, deputy chief executive of the hong kong monetary authority, at the joint conference of the hong kong institute for monetary and financial research ( hkimr ), the european central bank ( ecb ) and the bank of finland institute for emerging economies ( bofit ) on " europe, asia and the changing global economy ", hong kong, 20 january 2025. * * * governor rehn, dr lane, distinguished guests, ladies and gentlemen, good morning! a very warm welcome to all of you for joining today's conference. as we begin the new year, let me wish everyone a prosperous year ahead. the hong kong institute for monetary and financial research ( hkimr ) is deeply honoured to host this conference in collaboration with the european central bank ( ecb ) and the bank of finland institute for emerging economies ( bofit ). the title of today's conference, " europe, asia and the changing global economy ", has been aptly chosen. barring any surprise, this year will be marked by major changes – changes that echo political and economic events taking place in different parts of the world. indeed, the world economy is at a critical juncture. we are facing increasingly challenging near - term macroeconomic environment, heightened geopolitical tensions and geoeconomic fragmentation, rising trade disruptions and protectionism. across both advanced and emerging economies, public debts as a share of economic output have surged steadily for years, further constraining the fiscal policy headroom going forward. meanwhile, medium - term growth rates are expected to decline on the back of lacklustre productivity growth and ageing populations. against this complex backdrop, policymakers need to look to structural reforms as the most effective way to stabilise debt dynamics and boost domestic productivity and longer - term growth. one notable example is the european commission's " draghi report ", which highlights the main elements necessary to enhance europe's competitiveness. many policymakers in asia share a similar sense of urgency to boost or reinvigorate economic growth. if history is any guide, a key lesson from the asian financial crisis before the turn of the century is the need to address structural weaknesses through broad - based reforms and greater regional cooperation to enhance financial resilience. history has also consistently demonstrated that an open and rules - based multilateral trading system generates value for the global community. in our view, it is crucial

resilience of hong kong ’ s financial system, all the actions we are taking now to create opportunities are an investment in our future. in both dimensions, i believe this kind of long - term approach is the hallmark of a high - quality financial system. concluding remarks 27. i hope these reflections have shed some light on hong kong ’ s distinctive qualities as an international financial centre. it is resilient – our institutions and markets remain safe and sound in good times and bad. and it offers huge opportunities to local and global participants, driven by the mainland ’ s continued financial liberalisation, as well as developments in fintech and green finance. 28. my team and i are committed to upholding these qualities. we will continue to reinforce hong kong ’ s position as an international financial centre of the highest quality. this journey has no end – and we will rely as always on strong support from everyone that we work with, including many of you. i am confident that, by working together, we can continue to build on hong kong ’ s unique foundation – and enhance our position as one of the world ’ s pre3 / 4 bis central bankers'speeches eminent financial centres. 29. it only remains for me to thank the hong kong management association for having me here tonight ; to thank you all for your attention ; and to congratulate the winners of the quality award – your achievements are rightly honoured today. 4 / 4 bis central bankers'speeches