christian noyer : publication of bank of france ’ s financial stability review “ the future of financial regulation ” remarks by mr christian noyer, governor of the bank of france, at the publication of bank of france ’ s financial stability review “ the future of financial regulation ”, london, 4 september 2009. * * * it's a pleasure to welcome you here, in london, on the eve of a very important g20 ministerial meeting and to introduce the latest issue of our financial stability review. it is also a privilege to have such a distinguished panel for this introduction and i want to express my gratitude to all. the review is about the future of financial regulation. our hope was to help and contribute to the international discussions and the publication of this review could not be timelier. the financial crisis has taught us some very hard lessons. while there are many causes to the crisis, including, maybe, macro economic policies, it is also clear that it forces us to reconsider the way we regulate and supervise the financial system. that is what we are doing, and this will take a significant part in tomorrow's discussions between g20 ministers and central bank governors. at stake is the scope of financial regulation, its nature, and its objectives. the scope of financial regulation we entered this crisis with many unregulated entities playing a major role in the financial system. so, from a supervisory perspective, they were huge " black holes ", including what has been called a " shadow banking system " where most of the excesses of securitisation took place. not any more. during the last twelve months, a coordinated effort by industrialized and emerging countries alike has brought most important financial actors under the umbrella of supervision. principles and rules have been enacted for rating agencies to deal with their conflicts of interest, enhance their rating process, increase transparency and their oversight through compulsory registration. hedge funds will go through a process of licensing and oversight : they will have to meet transparency requirements towards both investors and regulators. finally, off balance sheet activities will be consolidated and disciplined through changes in the accounting and prudential frameworks. the nature of financial regulation and supervision is changing. here, i see two major trends. we must complement micro - supervision with macro - financial supervision, taking into account the systemic importance and interconnectedness of institutions, markets, instruments and the cumulative risks and dynamics which they create. system - wide phenomena that went unchecked, such as the aggregate rise in leverage

opening ceremony of asian financial cooperation association ( afca ) keynote speech by dr. veerathai santiprabhob, governor of the bank of thailand beijing, july 24, 2017 vice president mr. ma kai, vice premier of china mr. guo shuqing, chairman of the china banking regulatory commission ( cbrc ) mr. chen yuan, vice chairman of the chinese people's political consultative conference mr. jin liqun, president of the asian infrastructure investment bank ( aiib ) mr. norman chan, chief executive of the hong kong monetary authority ( hkma ) mr. tian guoli, chairman of afca excellencies, executives of financial institutions, ladies and gentlemen. a very good afternoon to you all, today ’ s opening ceremony of the asian financial cooperation association ( afca ) is a very auspicious occasion, and i am honoured to be a part of this historical event. i would like to congratulate the chinese government for successfully establishing afca – a new forum, which i am certain, will play a significant role in enhancing financial connectivity and cooperation within asia. i would therefore like to take this opportunity to share with you my thoughts on how we can further enhance financial connectivity to ensure sustained shared benefits – as stated in afca ’ s mission1. ladies and gentlemen, people have long been connected by trade along the ancient silk road dating back more than 2, 000 years ago. today in modern times, many trade and investment agreements between china and other asian countries have promoted close economic ties in the region. thanks to the chinese leadership, the spirit of connectivity and cooperation is further enhanced through the one belt one road initiative. the asian infrastructure investment bank ( aiib ) is an added funding impetus to ensure that there will be physical infrastructure connectivity, laying the strong foundation for shared economic prosperity. china ’ s growing economic ties with thailand and asean have become stronger in many aspects. china has been the largest trading partner of thailand since 2013. thanks to the china - asean fta, china has been asean ’ s largest trading partner since 20092, while asean has been the third - largest trading partner of china since 20113. china has been one of thailand ’ s top foreign investors for the past nine years4. and in terms of tourism, almost afca follows the philosophy of openness and inclusiveness as well as the mission of “ connectivity, cooperation, joint governance, and shared benefits ” asean secretariat : asean trade balance ( in us $ million