cope with the asymmetric shocks which can sometimes affect any monetary union. the policies needed to make emu work are, at the same time, essential to reducing unemployment. a single currency does not call for uniform wage developments or uniform economic or social policies in general. on the contrary – where national or regional economic developments are different, this should be reflected in different policy responses and wage developments. moreover, different reactions to similar problems make it possible to learn from each other. the existence of a single currency and 11 fiscal authorities is a unique phenomenon. this can only work if the member states strictly apply the stability and growth pact, which calls for the reduction of government deficits to close to balance or to create a surplus in the medium term. in this way, room is created for letting the automatic stabilisers work in response to both asymmetric and symmetric shocks. such a fiscal policy is required not only for emu. it has its own merits. the ageing of the population calls for such a policy line independently of emu. the need for fiscal consolidation is not just the result of creating the euro, but would be a key element in any sound fiscal policy in the euro area. it remains to be seen whether the stability and growth pact goes far enough in compensating for the absence of one fiscal authority in the european union. we should be ready to learn from experience and adapt our institutional framework if and when the need arises. this applies, of course, in a more general sense. emu has been well prepared, but actually playing the game is always different from preparing the game plan, important as this may be. a good game plan is necessary, but not sufficient to win the game. while it is as yet unknown whether the stability and growth pact will be the last word on fiscal policies in the euro area, it is certain that a failure to adhere strictly to the pact would be a recipe for all manner of problems. the eurosystem has adopted a monetary policy strategy which is tailored to the unique conditions of introducing a new currency. our two - pillar strategy, with its emphasis on monetary developments and a broadly based outlook for price stability, takes into account that economic behaviour may change as a result of the introduction of the euro itself. in other words, it takes into account that the start of emu constitutes a structural break. this already indicates that after some time our experience with conducting monetary policy within this framework will have to be carefully evaluated. over time

week will likely paint a cautious assessment of global growth prospects and include downward revisions to growth forecasts. đ slowing global growth is chiefly due to an elevated level of policy and geopolitical uncertainty, with ongoing trade tensions that continue to dent business sentiment and investment. these ongoing developments have important implications for the financial industry and we need to be vigilant and flexible to adapt and respond. regional developments : asean – grounds for optimism 7 đ đ within asean, the picture is rosier. according to the imf, the major asean economies are expected to continue outperforming emerging markets and developing economies as a whole, with projected gdp growth of about 5. 0 % annually for 2019 - 2020 [ 2 ]. asean has become one of the fast - growing regions in the world in the last few decades, and is home to eight of the world ’ s best performing developing economies [ 3 ]. looking ahead to 2050, it is projected that asean – with a population of close to 800 million people by then - could become the fourth largest single market, behind china, india, and the us [ 4 ]. đ • in the next few years, growth in asean will continue to be driven by intra and extra - regional trade as well as strong investment flows, even as domestic demand will play a more important role. đ • asean also has demographics on its side : we are for the most part a young region, with a rapidly growing middle class who is increasingly consuming higher value - added goods and services. • asian wealth accumulation is also growing quickly. assets under management in the asia pacific is expected to increase faster than any other region globally, almost doubling from 2017 to about us $ 30 trillion in 2025. this will result in increased demand for investment opportunities across a wide range of products like equities, fixed - income, and risk management tools. 8 đ đ these factors underpin the promising economic prospects in asean, with the corresponding need for regional enterprises to raise capital to support their growth. 9 đ đ looking ahead, these are opportunities to be harnessed both within asean and globally, and exchanges as well as clearing houses need to innovate and remain relevant to all stakeholders. đ i will now speak about three key trends, the opportunities they present, and what mas is doing to support the singapore financial services industry in these areas. trend 1 : catalysing sustainable finance for growth 10 đ đ the first trend is growth in sustainable finance. this is increasingly an area of both