safe. apra has, however, noted a trend to riskier lending practices, and over the past couple of years has been seeking to temper these through its supervisory activities. there are also broader concerns with the macroeconomic risks associated with excessive speculative activity, since this activity can amplify the property price cycle and increase risks to households. our discussions with apra and other agencies on these matters are ongoing, and there will be more to say about them in due course. for now, my colleague and i will be happy to take any questions that you might have. bis central bankers ’ speeches

financial stability harder. lower growth and limited policy space leave smaller room for maneuver. nature of inflation dynamic itself is also changing with inflation increasingly driven by supply - side factors outside of the central bank's control, such as geopolitical tension and supply chain reconfiguration. for example, in thailand, oil and food price movements account for approximately 65 % of overall price changes during the past 2 - 3 years. and we will continue to face persistent supply - side price pressures going forward as countries form stimulus strategies around concerns regarding geopolitical tension and supply chain reconfiguration. secular trends such as digitalization and technological advancements and green transition will likely lead to large - scale adjustments in relative prices as well. this comes at the time when the public has higher expectation, not just to deliver on traditional issues but also new emerging ones, while the tools that central banks can use are quite limited and constrained. [ solution 1 ] to deal with this challenge, we need to first ensure robust policy framework and to ramp up our efforts in policy coordination at many levels. both missions are of first order importance if we are to maintain credibility and public trust that allows us to work on other very challenging emerging areas. let me lay this out in a three - step approach : step 1 : monetary policy needs to prioritize domestic conditions while policy mix needs to be tailored to country - specific contexts. moreover, policy decisions should be made with a risk management mindset, to preserve policy optionality. monetary policy must look through the noise and, as suggested in this year bis annual economic review, the focus should be on robustness to broad range of scenarios, awareness of any longerterm costs or side effects, and sufficient safety margins or room for maneuver. step 2 : macro - financial policy coordination is a critical step in ensuring that we use our limited policy space in an effective manner. in the case of thailand, higher legacy 3 / 7 bis - central bankers'speeches household debt post - pandemic requires good coordination of monetary policy with other complementary tools such as targeted financial policies to address heavy debt burden in specific segments and other macroprudential measures to ensure better new lending practice. we should be mindful that trust in the central bank applies to all domain of central banking. any gaps or pain points on the banking side, such as a rise in fraud cases or even it outage that disrupts financial services, will have repercussions on central bank credibility and trust