economy, including risks in sovereign balance sheets and the financial system. we call on the fund to adopt a new integrated surveillance decision that replaces the 2007 decision, which focused too narrowly on exchange rates. international monetary system we encourage the fund to continue its work to strengthen the international monetary system. the experience of countries in our constituency attests to the complex policy challenges posed to emerging market economies by volatile capital flows. we expect the fund ’ s work in this area to continue to be even - handed, non - prescriptive and to take into account country specificities. further, we look forward to the extension of staff analysis of capital flows and associated policies to cover both source and recipient countries. we also support the fund ’ s work on examining the case for broadening the sdr basket. this could contribute towards the diversification of reserve holdings, thereby strengthening the stability of the international monetary system over the longer term. governance reform governance underpins the legitimacy and traction of the fund ’ s activities and advice. for this reason, we support the managing director ’ s call for greater progress in implementing the 2010 quota reform and re - composition of the executive board. we also emphasise the importance of completing a review of the quota formula by january 2013. bis central bankers ’ speeches

. though much work is required on the corporate sector in the march toward modernization of the thai economy, the government and the central bank also have vital roles in maintaining stable economic environment and providing the required infrastructures to allow the private sector to drive forward to create wealth and prosperity. several long - term plans have been made in the past couple years. on the macroeconomic front, the bank of thailand has adopted inflation targeting as a framework of our monetary policy since may 2000. it may be a little too early to claim our success, but the results thus far have been encouraging. long - term interest rates of the interpolated 14 - year government bonds were reduced from 8. 3 percent at the beginning of 2000 to currently at 6. 1 percent. inflation remained subdued and will stay within the target range during the next two years. the maturity of state enterprise debentures offered in the market increased from a maximum of 7 - year in 1998 up to 20 years in 2000, reflecting greater confidence on the long - term economic stability. on the financial system level, we are drafting a new financial system master plan in cooperation with stakeholders and representatives from other regulators within thailand such as the sec as well as the department of insurance. this will provide a new and vibrant financial system whose survival will be judged by the value added it creates and delivers to the clients. and these will ensure adequate provision of financial services as required by the new economic environment. as for the current economic policy, we are not yet out of the crisis. the economy recovered from a 10. 8 percent contraction in 1998 and posed a 4. 2 percent and 4. 3 percent in 1999 and 2000, respectively. nevertheless, the global slowdown, particularly from our main trading partners such as the us and japan who account for roughly 35 percent of our exports, have complicated our tasks. here, it is the lack of confidence in the overall economic conditions that is the main problem that prevents the resumption of business lending. earlier this week, the government announced its plans to put in place additional fiscal stimulus for the fiscal year 2002, as well as programs to stimulate domestic spending. these include new measures to utilize excess liquidity in the banking sector to further enhance economic activities, to increase investment through a matching fund, as well as to retrain the workforce. these should provide the much - needed economic stimulus to the corporate sector. prosperity of our nations rests on the hard work of the corporations, for what really matters in the long run is your