some use technology maliciously, many more use it for a good cause. only by embracing this advancement, and by working together with tech - players, can we synergise and fully reap the benefits for the economy. in response to these technological shifts, ‘ regtech ’ developments ought to be a high priority for global financial regulators. an end goal is to balance the risks and opportunities within the technological sphere. equally important here are the complementary roles of governments and industries in sharing information, so that we can holistically mitigate various aspects of security threats. the catalytic role of behavioural analytics and big data further provides us with tools to address threats channelled through the financial system. in order to adapt to the borderless nature of globalisation, international cooperation is vitally important. beyond the financial sector, we must prepare our human capital for the future. close collaboration between public and private sectors is critical to ensure that displaced workers are adequately retrained and equipped with new skills. those dislocated should not feel sidelined. we can address labour displacement by investing in education, skills re - training and increasing women ’ s participation in the workforce. we need to take a hard look at the current landscape of social safety nets, and draw best practices – both those tried and tested, and practices that can best respond to new challenges and needs of society. conclusion looking ahead, globalisation will likely work if we widen the horizon that touches positively on all segments of society. negative spill - overs are likely unavoidable. but it is incumbent upon us to formulate policies and give greater attention to those most adversely impacted by this process. kofi annan compared globalisation to gravity. with weightlessness, astronauts experience intense dizziness and lose their sense of orientation. without gravitational pull, their bones weaken, ligaments deteriorate and muscles atrophy. the same can be said about the force of globalisation – without it, economies weaken, relationships deteriorate and growth atrophies. globalisation is slowly but surely solidifying our shared future as one global nation of states. it is our collective responsibility to strengthen and sustain the state of this nation for the benefit of future generations. 4 / 5 bis central bankers'speeches let me end here by thanking the eminent speakers and participants for being here, and i look forward to hearing your views. i hope that you will also take some time during your stay here to enjoy the diversity of our country. thank

financial agreements and commitments. it is from this perspective that research has the potential to advance the current conversation on global solutions. as we re - evaluate our path of policymaking, there must be heightened focus on evidence - based research and greater room for experience - based policymaking. in line with the spirit of sasana, our meeting point today for the learned and the wise, i look forward to the exchange of ideas at this conference. in this regard, i would like to humbly offer some thoughts on three areas where the gains from globalisation can be safely acquired, more equitably dispersed, and impose the least cost to society. firstly, we must make financial globalisation safer and its benefits distributed more equitably. the global financial crisis, and the asian financial crisis, clearly demonstrated the risks and the damage that could be wrought by financial globalisation. it amplified the costs of policy and regulatory lapses and failures in crisis prevention and management. it is interesting to observe that despite consequences primarily associated with financial globalisation, trade has received the brunt of the blame. let me illustrate – in the wake of the gfc, between november 2008 to december 2009, 390 trade protectionist measures were announced or implemented by 19 of the g20 members. ironically, financial globalisation channels were not addressed as quickly. it is surprising how policymakers, particularly in the advanced economies, have yet to arrive at a consensus in recognising the harmful effects of free capital mobility that is disconnected with the real economic activity. this is an issue that many remain divided on until today. while we have instituted policy reforms to better manage our financial systems and institutions, more can be done. we need effective frameworks to ensure financial globalisation contributes to risk diversification, consumption smoothing and efficient intermediation of productive capital across international borders. the global community should decisively address the risks posed by large and volatile short - term capital flows. not enough is being done at the global level to manage the negative spill - overs to recipient countries. here, the imf can play its role as the trusted policy advisor. the fund can do more to ensure that global financial aspirations consider diverse circumstances and national objectives. efforts to encourage a more inclusive process in setting global financial standards and initiatives are positive steps in the right direction. perhaps the most important development of late is the unravelling of a ‘ one - size - fits - all ’ approach to managing international financial flows. again and again, previous experiences