asia ’ s own growth and stability, but also for the continued resilience of asian financial systems, as well as the future of international banking. against this background, i want to leave you with a few thoughts on the way forward. my overriding message is simple : given the complexity of the proposed reforms, the recent experience of implementation and coordination gaps, and the implications that the new global standards can have for asia ’ s growth prospects and the stability of the financial system, it is important that asia plays a stronger role in shaping global policies. this is to ensure that the adopted international standards are consistent with asia ’ s long - term interest in sustaining economic growth and stability, while helping to promote higher standards for banking supervision and regulation globally. to this end, i think emerging markets asia, as a group, must aim for a coordinated response on at least three fronts. first, is the coordinated approach with respect to implementing the new global regulatory standards. this means emerging market asia needs to aim for a degree of flexibility whereby national or regional variation or discretion is warranted in pursuing the shared global standards. the aim of flexibility is to adapt the new standards for local settings, taking account of the vast diversity that exists in levels of development and structures of the region ’ s financial systems. the dimensions which such adaptive flexibility may apply include timing of implementation, as well as technical calibration of policy measures. second, to ensure an effective adoption of the global standards, asia needs to establish a regional approach or standards on the key regulatory and supervisory issues. for example, on the issue of cross - border supervision, we need more effective home - host relationships with more authority for host supervisors with regard to information sharing especially during a crisis, and national discretion on capital and liquidity requirements of local operations of sifis. also, we should strengthen regional coordination on crisis management, for example, in dealing with home regulator on the resolution of sifis, supplemented by a process of supervisory surveillance of sifis ’ operating in the region that extends to highly interconnected markets such as otc derivatives and interbank transactions. third, is the need to strengthen the regional financial system through greater regional financial integration and development of a robust region - wide financial infrastructure. at this time, efforts to strengthen financial systems through reform and institutional building are being carried out visibly at the national level. in thailand, the bank of thailand has embarked on its second financial sector master plan aimed at promoting greater efficiency through competition, expanding access

too low, the fed and other central banks have less room to cut rates to support the economy during downturns. so, in this review, we are examining strategies that might better allow us to symmetrically and sustainably achieve 2 percent inflation. doing so would help prevent inflation expectations among consumers, businesses, and investors from slipping too low, as they appear to have done in several advanced economies. more - firmly anchored expectations, in a virtuous circle, would help keep actual inflation around our target, thus preserving our ability to change interest rates as appropriate to meet our mandate. we are also looking at whether our existing monetary policy tools will be adequate when the next downturn comes. finally, we are asking whether our communications practices can be improved to better support the effectiveness of our policy. after today, we have one fed listens session remaining, later this month in chicago. at the july meeting of the federal open market committee, my colleagues and i began discussing what we have learned so far from the fed listens events. we continued that discussion at our september meeting and have a lot left to do. we plan to publicly report our conclusions during the first half of next year. one clear takeaway of the sessions so far is the importance of sustaining this historically strong 1 / 2 bis central bankers'speeches job market. people from low - and moderate - income communities tell us that this long recovery, now in its 11th year, is benefiting them and their neighbors to a degree that has not been felt for many years. employers are partnering with community colleges and nonprofit organizations to offer training. and people who have struggled to stay in the workforce in the past are getting new opportunities. once again, i ’ m happy to be here. now it is your turn to speak. we ’ re listening. 2 / 2 bis central bankers'speeches