in addition, the central bank needs to coordinate with financial institutions and service providers to make electronic payments to be more accessible, reliable and, of course, available at reasonable price. the third consideration is the implementation of principles for financial market infrastructures. from the regulatory point of view, the important payment and settlement systems need to be appropriately regulated. the recent financial crisis has shown that financial market infrastructures, such as payment and settlement systems and central counterparty, can be sources of financial shocks or major channels that shocks are transmitted across domestic and international financial markets. to enhance safety and efficiency, the principles for financial market infrastructures have been prescribed by the committee on payment and settlement systems ( cpss ) and the technical committee of the international organization of securities commissions ( iosco ) in april 2012 with objectives to limit systemic risk and foster transparency and financial stability. in response to the new international standard, the bank of thailand intends to adopt these principles to our systemically important payment and settlement system which is bahtnet system. moreover, we will coordinate with other regulators to ensure that all systemically important payment and settlement systems are adequately supervised. i would like to conclude here that, to join the aec in 2015 both central bank and financial institutions need to have proactive strategies to deal with the changing economic and social environments. the central bank will play an important role in supporting private sectors and ensuring the stability and efficiency of financial system and infrastructures. concurrently, the financial institutions need to rethink and redesign their business processes and strategies in order to stay at the forefront of highly competitive environment as well as to reap the full benefit of the integrated economic community. thank you. bis central bankers ’ speeches

april. and i would like to emphasise that this decision was unanimous. the governing council is united by a common purpose. we are carefully monitoring the situation and we stand ready to do whatever is necessary to fulfil our mandate – just as we have done over the past twelve and a half years. this logic applies not only to our policy interest rate but also to the other measures we have adopted in response to the crisis. when the crisis hit, dysfunctional financial markets threatened our ability to steer the outlook for price stability with our standard interest rate instrument. in response, we adopted a number of non - standard measures to ensure that our interest rate decisions were transmitted to the broader economy, despite the problems in the financial sector and financial markets. in particular, the aim has been to enable banks – at any level of the monetary policy interest rate – to continue lending to household and firms. let me emphasise that our non - standard measures do not in any way impinge on our capacity to tighten our monetary policy stance in response to inflationary pressures. there is a clear separation principle between our non - standard measures and our interest rate policy. interest rate policy depends on the outlook for price stability. the use of nonstandard measures depends on the functioning of the monetary policy transmission and must be commensurate with the level of malfunctioning or disruption of money and financial markets and segments of markets. this separation principle is strictly applied. to give you a recent example, the governing council decided in march and april both that it was now time to increase interest rates and, at the same time, that it was appropriate to maintain in the second quarter the full allotment at fixed price refinancing on a 3 month duration. iii. conclusion damit komme ich zum schluss. die krise hat den euroraum vor große herausforderungen gestellt. aber wir haben diese herausforderungen angenommen. der euro hat sich als stabilitatsanker in sturmischer see erwiesen. davon haben alle – ich betone, alle – lander des euroraums profitiert. bei alledem sollten wir nicht ubersehen, dass der euroraum als ganzes in den vergangenen zwolf jahren erhebliche fortschritte gemacht hat. die