finally, regional cooperation in the areas of surveillance and financing should be further fostered. regional surveillance can help contribute to financial stability by strengthening the policy framework at the national level. cooperative financing arrangements at the regional level designed to supplement resources provided by the imf can also enhance effectiveness in crisis prevention and resolution. here i see great strides being made in these cooperative efforts in the region, including swap mechanisms that have been developed and are being expanded. furthermore, cooperative efforts in promoting the practice of information sharing and capacity building will help strengthen competency of regional central banks to safeguard against external shocks and disturbances. although the practice of information dissemination among the regional peers is nothing new, there is still room for improvement to facilitate a more structured approach and timely delivery. ladies and gentlemen, these are just some food for thought to precede the more detailed discussions and lively debate to follow. i certainly look forward to hearing the views of mr. caruana, who has been among those at the centre of the challenges facing us. his perspectives will be valuable for our further discussions and deliberations. and we will learn more from mr. glenn stevens, governor of the reserve bank of australia ; mr. kiyohiko nishimura, deputy governor of the bank of japan ; and mr. heng swee keat, managing director of the monetary authority of singapore, who will lead the discussions focusing on their respective country ’ s experiences. this will be in keeping with our tradition in learning from one another to further enhance seanza cooperation and promote greater stability in the region. in concluding my remarks, i would like to reiterate to you my warmest welcome, and may i also wish us all a successful and fruitful meeting, which would hopefully bring us on the right track towards weathering the storm in anticipation of sunnier days. thank you.

songs. the coin we are launching today is the third commemorative coin issued by the central bank this year. earlier this year we issued two coins to mark historical events. firstly a €100 gold proof coin to mark the first meeting of dail eireann in 1919. secondly a €15 silver proof coin to commemorate 100 years since the first transatlantic flight by aviators john alcock and arthur brown in june 1919. at this point, i would like to thank the numismatic advisory committee for their part in selecting the themes and issues we commemorate. i would also like to thank all the staff in the bank who have worked on this coin and the event today. with our third coin of the year, we celebrate 70 years since the birth of phil lynott in 1949. this coin is the second in a three - year series called ‘ modern irish musicians ’ and follows the rory gallagher coin in 2018. rory and phil played together in punchestown, many years ago. a gig never to be forgotten by anyone who was there and indeed one which president higgins recalled at the launch of the rory gallagher coin last year. struck in sterling silver, and minted in the royal dutch mint, the coin is designed by artist sandra deiana, and my thanks to both of them. it pays tribute to phil with a depiction of him in a characteristic pose with his bass guitar and sound waves emanating from it. behind the main focal point of the design is a graphic representation of a vinyl record. in 2013, phil ’ s bandmate scott gorham said " phil was so proud of being irish. no matter where he went in the world, if we were talking to a journalist and they got something wrong about ireland, he'd give the guy a history lesson. it meant a lot to him ". [ xii ] i can think of no better way to honour that pride in being irish than to be commemorated on an irish coin which recognises modern irish musicians. next year we will complete this coin series when we commemorate the 80th anniversary of the birth of dublin born musician luke kelly. phil lynott ’ s iconic status, his contribution to modern irish music and the enduring popularity of his music is why the bank has issued a coin honouring him. like phil lynott and thin lizzy, the central bank of ireland ’ s commemorative coins also have a local as well as a global following amongst collectors including in the us, europe, middle east and asia. and so we expect phil