- term coherent vision and concerted efforts among all stakeholders, both public and private, are needed. let me close by leaving you with some final thoughts. thailand is now challenged by both external and internal risks. these are not necessary unfavorable, as they also come with opportunities to urge us to prepare ourselves collectively to cope with uncertainty in the global economy. in an increasingly volatile world, we must do more. our efforts should not be just about coping with short - term fluctuations, but also about laying long - term foundation for thailand ’ s future. that requires a forward - looking plan of bis central bankers ’ speeches action by all stakeholders. the bank of thailand, for our part, will continue to ensure a stable financial and economic environment, so that businesses can continue to thrive and individuals can enjoy better standards of living on a sustainable basis. thank you and wish you all an enjoyable evening. bis central bankers ’ speeches

guarding against instability. the increased focus on financial stability, is closely tied to the issue of globalisation, as events in one corner of the world can have unavoidable systemic impact on the other parts of the world. promoting financial stability involves not only the promotion of macroeconomic stability, but also promoting a strong legal and regulatory framework that would support the development of deep and robust financial markets. this in turn would promote sound financial institutions and a stable overall infrastructure for the financial industry. in short, both the market and the intermediaries must be strong and efficient. against this background, it is timely that seacen centre has initiated this course to explore the nature of financial intermediation, the role of financial markets in the allocation of resources and the need for appropriate regulatory framework. as regulators, we need to understand the concepts and the basics of the working, the pricing and trading strategies of the derivatives markets and instruments, how financial entities use them in risk management, as well as their potential impact on financial system stability. but more importantly, in these two weeks, we will benefit from the presence of a number of distinguished speakers that have kindly given up their time to be with us. i hope we will use this opportunity fully. on this note, i would like to thank mr. sunil sharma, chief, asian division, imf institute, for his efforts to coordinate this course with the seacen centre and the bank of thailand. i trust that this course will be most fruitful and rewarding for all the participants, but above all that the interaction among yourselves will provide an opportunity for you to learn from one another, and strengthen the bonds of friendship that bind the works of our institutions for many years to come. ladies and gentlemen, without further ado, i now declare the seacen - imf institute course on financial markets and new financial instruments open and wish everyone of you success in your deliberation, success in your career, and most importantly, that you would take back with you pleasant memories of your brief stay in thailand. thank you.