to provide credit even in periods of stress, some of those same enhancements could actually inhibit credit extension by rendering the reasonable business models of middle - sized and smaller banks unprofitable. the federal reserve will continue to use statutory authorities to calibrate our regulation and supervision to the risks posed by the different classes of banks, avoiding a one - size - fits - all approach. we bis central bankers ’ speeches and, i believe, many others are committed to the dual goals of protecting systemic stability and fostering the efficient intermediation of credit by the overwhelming majority of american banks that do not pose systemic or far - reaching risks. thank you. i would be pleased to take any questions you may have. bis central bankers ’ speeches

##sive nature, and can be difficult to cope with as we saw it in the late 1990s. to reduce the reliance on the recycling of domestic savings through the developed markets, asian governments have put in place several initiatives to strengthen financial intermediation. a notable example is the asian bond markets initiative under the asean + 3 forum. the initiative includes studies on issues such as new securitised debt instruments, issuance of debt by international financial institutions, regional credit guarantees and enhancement facilities, and the establishment of local and regional credit - rating and credit - enhancement agencies. another initiative, known as the asian bond fund project, represents collective efforts of the executives'meeting of east asia - pacific central banks, or emeap, to broaden and deepen the bond markets in the region. the abf project will bring about many benefits. first, it introduces and promotes new fixed - income products to the asian markets. secondly, it helps improve market infrastructure. thirdly, the initiative has helped accelerate tax and regulatory reforms in both the regional and domestic markets. the bank, with its mission as the region's development bank, is well positioned to assist emerging market economies in asia to cope with the challenges of globalisation. in the past year, the bank has contributed to the issuance of local currency - denominated bonds in india, hong kong, malaysia and singapore. the bank is also providing valuable support to the asian bond markets initiative through the former regional economic monitoring unit, which is now known as the office of regional economic integration. mr president, your decision to expand this office and dedicate it to regional cooperation matters is most timely and welcome, as a well defined agenda for the bank on regional cooperation will enhance financial stability by strengthening regional surveillance and cooperation. despite these efforts, developments, and - dare we say it - successes, there are many challenges lying ahead of us. one - fifth of world population is still living in poverty, with the majority of them in asia. how to address the poverty issue and the uneven distribution of income amid globalisation has become your biggest challenge. mr. president, i believe more wealth could be generated if savings in the region could be recycled to finance investments in the region, if intra - regional trade could grow faster, and if investors could move funds easily from one economy to another in the region. mr. president, i am confident that under your leadership, the bank will play an even greater role in the integration of trade, finance and investment in