. the dutch have a problem with paying for the greeks, but not with paying for other dutch. but let ’ s look at that ‘ paying ’. it is not at all clear what some countries have really paid for other countries. in greece, there was a write - off on debts held by the financial sector, but there was no further default. it has cost the euro area countries far more to save their own banks. ” will greece ever be able to repay its debt? “ if greece continues with its structural reforms, restores order to its public finances and improves its competitiveness, growth there will increase. if that happens, greece will be able to do so. greece has less debt to service over the next five years than belgium. much of greek debt has a very low interest rate and very long maturities. ” the ecb has taken many measures, but has not undertaken any quantitative easing, i. e. has not purchased bonds. what needs to happen before you would start doing so? “ that would be the answer to the third situation that i mentioned in amsterdam, a deterioration of inflation expectations over the medium term. at the moment, however, we are focusing on the measures announced on 5 june. ” is it legally possible to buy up government bonds? there is still a court case pending on this issue. “ this is indeed possible within our mandate, namely if the purchases are aimed at ensuring price stability. we are not permitted to provide member states with monetary financing. ” bis central bankers ’ speeches you were very happy about the unanimity of the decision taken on 5 june. would a unanimous decision also be possible on quantitative easing? “ any guess would be premature. quantitative easing can include not only government bonds, but also private sector loans. we will discuss that when the time comes. ” your statement “ whatever it takes ”, to save the euro at any cost, made at the time of the announcement of a new government bond purchasing programme, marks a turning point in the euro crisis. do you feel that you no longer need to follow through on it? ( smiles ) “ in contrast to both the initial purchases of government bonds and possible quantitative easing, the programme of outright monetary transactions ( omts ) is aimed at a very specific risk, namely the so - called tail risk of the euro area falling apart. ” did you ever fear that that might happen? “ in july 2012, there were more than enough reasons for concern. in my short statement in

the process of globalization, which began with the industrialized nations of the west, has had important influence on our values, as i have mentioned earlier. if our government is in favor of this creed of globalization without reservation, there will be no one to stop globalization from eventually overtaking our local businesses. more importantly, social values which give us a sense of satisfaction and happiness will be gradually eroded. it is up to the government, who is tasked with the management of the country, to selectively choose which technology to be brought in to improve efficiency, and only where necessary and appropriate. they should take heed not to allow new developments to overwhelm local traditions and livelihoods. only then will globalization not change the existing traditional social values. ladies and gentleman the last item i would like to touch upon today is another related issue befitting today ’ s theme of changing value of thai society, and that is the measure of economic development and prosperity. today ’ s measure focuses almost exclusively on gdp growth figures. actually, there are many measurement of economic development, such as employment, per capita income, and income distribution, but it appears that the government focuses almost exclusively on gdp growth figures. quantitative - oriented national leaders focus on this measure - so much so that any activities that will help boost gdp growth are given priority over all other concerns. importance and priority are also being placed on large economic and investment projects, overlooking social development and preservation. their scope becomes myopic, focusing on short - term investments with immediate results and effect on gdp growth figures in the next quarter, rather than on longer - term projects which foster education and preservation of cultural heritage. it is an undisputable fact that in the case of thailand, we have focused our energy in promoting growth in industrial production to achieve economic growth and development. one effect has been a rapid depletion of our natural resources. deforestation resulting from logging and other industries for shortterm economic gain is a stark example ( on this may i add that we are lucky that some visionaries in previous governments realized these dangers and declared a forest closed - door policy which helped stop deforestation ). what seems to be the inevitable consequences of a solely gdp - driven growth strategy include problems of water shortages, which we now see repeatedly on a yearly basis. more worryingly, this trend seems to be intensifying each year as the demand for water continues to rise and is projected to double within twenty years ( with current rates of population and