needs to catch up, there is no catching up if we fall behind the curve on climate change. it is a one - shot game. and the consequences of getting it wrong would be catastrophic. responding to climate change is not simply about taking into consideration the effects of the green transition on inflation, nor the possible repercussions of physical and transition risks on financial stability. but it is also about actively taking steps that helps influence the incentives and willingness of society to alter their behaviours in such a way that mitigates adverse climate change. the most impactful channel for central banks in this respect is through the financial system. incentives, mindsets, and expertise in the financial sector must be geared so as to ensure that sufficient resources become available to finance the green transition. this requires a collaborative approach, both among agencies within a country, as well as internationally. initiatives being pursued by bodies such as the network of central banks and supervisors for greening the financial system are therefore critical. forging ahead amidst shifting grounds mervyn king once said that central banking should be boring. there was a time when that was true. there may come a day when it is true again. but that is not today. the task at hand is far from straightforward. maintaining economic and financial stability amidst the shifting fault lines will require a steady hand. to see through the noise of rapidly changing circumstances and distill the essence that policy should respond to. it will require humility in our understanding of the world so that we can adapt to incoming information and seek broad input from all stakeholders. and it will require staying focused on achieving our core mandates, ensuring that expectations for our policy goals are commensurate with the tools we have while recognizing the potential unintended side - effects of those tools. for 80 years, the bank of thailand's commitment to growth, stability and prosperity of the thai economy has been unwavering. we will remain steadfast to this commitment in 3 / 4 bis - central bankers'speeches navigating through the uncertain terrain ahead. thank you all again for being part of this conference and i look forward to learning from your insights. 4 / 4 bis - central bankers'speeches

thirachai phuvanat naranubala : preparing for rapid growth speech by mr thirachai phuvanat naranubala, deputy governor of the bank of thailand, at the payment card business forum, bangkok, 28 june 2002. * * * distinguished delegates, ladies and gentlemen, i am pleased to be invited to address this meeting of prominent members of the financial community from the neighbouring countries of cambodia, laos, and vietnam as well as some of the familiar faces from the thai financial institutions. the dynamism of the payment service industry in this region is fast catching the attention of international community, and the future promises yet more potential. the theme of this seminar, " preparing for rapid growth " is certainly very timely. i am sure the discussion will focus on both the return and the risks involved. but timely as it is, and growth is certainly a good thing, but when growth is rapid, there always is a danger. thus, discussion on international best practices, risk management and good corporate governance at this early phase of growth is extremely important. these good things take time to build up. economic growth in south east asia this year we are seeing most south east asian economies firmly back on the path of recovery. they are poised to regain their growth potentials. luckily, the tragic event of september 11th has not pushed them off this steady course. this improvement is reflected in the improved sovereign ratings which has allowed many countries to re - access the international financial market with new bond issues. in the case of thailand, the economic growth which slowed down to 1. 8 % last year has picked up significantly to 3. 9 % in the first quarter of this year. unemployment rate has also declined, helping to strengthen consumer confidence. our growth was driven by private consumption and government stimulus. for the remainder of the year and the next, contribution from fiscal pump priming will be less, but we are confident that the recovery of exports will take up the slack. we think that our exports will recover because we believe the improvement in the us economy will continue, even though at a more moderate pace than originally forecasted. the bottoming of the electronic cycle will also revive growth of many of our neighbours, who are our most important export customers. the only point of disappointment is in business investment growth which has been slow due to the still high excess capacity in many industries in thailand. these are the industries that cater for the domestic market, although the capacity utilization rate is rising quickly in recent months