a market - driven one. my view is that, going forward, the process of integration should continue to be market - driven and not policy - driven. but policy can do more by focusing on developing robust, efficient, and resilient local markets. this is because well - developed local markets will make the process of regional financial integration much easier. as for policy cooperation, there are definitely areas that government policies can do more collectively, especially on issues that involve efforts on a region - wide basis. in this context, future efforts at policy cooperation should focus on few but concrete and specific issues to be addressed or projects to be executed. a case in point is the development of a shared regional financial infrastructure such as linking the clearing and settlement systems, harmonizing regulations on cross - border investment flows, and developing a shared facility to promote greater flows of investment information. this type of specific efforts and projects would be easier to win region - wide commitment and support. another suggestion i want to make is that, for the market - based approach to work efficiently, we should also engage more formally the cooperation of the private sector. on this, i think east asia can learn a lot from the experience of the eu in engaging the private sector in planning and reviewing major financial initiatives. specifically here, i am thinking of the giovannini group of private experts, established in 1996, which has done at least four useful reports for the eu commission. their inputs have helped the eu in introducing the necessary directives. i think i have taken up a lot of time already and hope my remarks have been useful. again, i want to thank jp morgan for the invitation. thank you.

. take up amongst schools has been both rapid and encouraging with 36 % of uk secondary schools having registered for the resources since launch in april 2018. we ’ re currently designing something similar, and age - appropriate, for primary school children to launch later this year. we will then focus on developing resources to support the gcse and a level economics syllabus. now, the name “ econome ” may or may not grab the attention of your pupils. but i think the content is excellent. and one thing the name should tell you is that these resources are designed for more than learning some economics. they ’ re also intended to help people with their personal financial decisions. these personal financial decisions matter. i should emphasise that, from the bird ’ s eye perspective we take as guardians of overall financial stability, i don ’ t think overall levels of household debt are a great worry at the moment. relative to income, household debt is comfortably lower than its levels in the middle of the last decade. interest payments, defaults and the proportion of households spending a very significant ( > 40 % ) proportion of income on servicing debts are all at historical lows. interest rates would have to rise a lot – certainly by a lot more than financial markets expect – for this to change significantly. all speeches are available online at www. bankofengland. co. uk / news / speeches but underneath any aggregate, there are always more concerning stories. according to the bank / nmg survey 7 % of households say they are “ very concerned ” about their debts, even if they are able to service them. and we know from extensive research that financial worries can be an important contributor to poor mental health. high levels of debt are, for example, associated with anxiety and depression, and studies using changes in local house prices and foreclosures have found that changes in households ’ financial situation can affect health. 1 one thing we also know is that people are generally prone to over - concentrate on present, urgent needs, and neglect things that are more important for us over the longer term. economists are naturally interested in how people trade off the future against the present. in standard models that seek to describe these choices, it is assumed that people discount the future at a constant rate : the extent to which we care more about things one rather than two months from now ( say ) is the same as between today and a month away. but on many occasions, and compared with this simple representation, experiments