markets with implications for the exchange rate, inflation, and the risk to financial stability. in light of this, policymakers in emerging markets would find it more difficult to use traditional instruments to achieve domestic objectives. they must be more wary of the buildup of financial imbalances and may even have to rethink the exchange rate management strategy. on a larger scale, uncertainties pertaining to the post - crisis international monetary and reserve currency system – the one in which dominant currencies are likely to grow weaker and newly emerging currencies grow stronger – will also pose important challenges to monetary, exchange rate, and reserve management policies. ladies and gentlemen, to tackle some of these challenges, we are very fortunate to have with us today many distinguished speakers from both academia and central banks. in the morning sessions, we will hear from the academic point of view the implications of the changing financial and regulatory landscape. during lunch time, our keynote speaker will share his insights on the future of the international monetary system and what implications entail for policymakers. later in the afternoon, we hope to bridge academic thinking with practical policy considerations. let me conclude by saying that it is impossible to have answers to all the big questions in a one - day conference like this. but i am sure we can contribute to the better understanding of many difficult issues and come up with useful policy recommendations. most of all, i hope that this forum will be followed by continuing discussions and cooperation among all participants, which would be a true measure of success of the conference. i wish you all a fruitful meeting and memorable stay in bangkok. thank you.

glenn stevens : remarks to the american chamber of commerce in australia ( amcham ) remarks by mr glenn stevens, governor of the reserve bank of australia, to the american chamber of commerce in australia ( amcham ), melbourne, 20 march 2015. * * * thank you for the invitation to join you today. in an audience of business leaders exposed to the american and australian business scenes, i might be expected to attempt some comparisons of the two economies. so i offer the following snapshot. • in america, growth has improved over the past year, having been much slower than policy makers would have liked for quite a few years, after a very deep recession in 2008 – 09. real gdp per head is 2¾ per cent above its previous peak in december 2007. • in australia the economy is growing, but has been somewhat slower than we would have liked for a while. we haven ’ t had a deep downturn for more than twenty years. real gdp per head is about 5½ per cent higher than in december 2007. • in america, the unemployment rate peaked at 10 per cent in october 2009 and is now at 5½ per cent. the average rate in the new century to date ( ie since 2000 ) is 6½ per cent. • in australia the unemployment rate in october 2009 was about 5½ per cent. it fell, then gradually rose again to be 6¼ per cent now. the average in the new century to date is 5½ per cent. • in america, inflation is low and asset values have been rising. interest rates are extremely low, but the central bank is talking about raising them. • in australia, inflation is low and asset values have been rising. interest rates are very low, and the central bank has talked about lowering them further. • in america, international competitiveness is declining due to the rising us dollar. • in australia, international competitiveness is improving, due to the declining australian dollar. • in america, there is political partisanship across a range of issues, and budget stalemate. • in australia, there is political partisanship across a range of issues and, over the past year, budget stalemate. the result? american businesses and households seem to be getting more optimistic about the future. but australian businesses and households seem to be getting less optimistic about the future. it would be an interesting lunch conversation to talk about how all those facts lead to the two differing conclusions about the future. admittedly, the global backdrop in some respects is