bandid nijathaworn : post - crisis challenges to emerging markets – what are at stake for central banks? keynote address by mr bandid nijathaworn, deputy governor for monetary stability of the bank of thailand, at the south east asian central banks ( seacen ) / bank of england seminar on macroeconomic and monetary policy management, brunei darussalam, 22 march 2010. * * * first, i want to thank seacen, the centre for central banking studies of the bank of england, and ministry of finance, brunei darussalam for inviting me to deliver this morning ’ s keynote address. the seacen ’ s advanced course and seminar have always been an important learning forum for central bankers in asia to discuss common challenges as well as to share practical experience. so, i very much appreciate the opportunity to be speaking to all of you today. on a personal note, it has also been a few years since i last spoke at this forum, as my responsibility at the bank of thailand as a deputy governor up to october last year changed from monetary policy to financial regulation and supervision. this brief tenure of overseeing financial stability, especially managing the financial system at the height of the global financial crisis, has been a valuable experience and makes me appreciate even more the responsibility, the complexity, and the challenge to central banking. and it is a reflection of this experience that i want to share with you this morning, on the post - crisis challenge to emerging economies and what are at stake for central banks. my address today will focus on three issues. the first is the lessons learned from past crises. the second is the post - crisis environment and their implications for emerging markets. and, the third is the challenge for central banks going forward. first, the lessons learned. those of you who have been at central banks fifteen years or more will by now have witnessed at least two major financial crises that put the task of central banks in managing the economy under the spotlight. the first is the asian financial crisis of 1997 – 98, and the second is the current global financial crisis. although the two crises share many similarities as well as exhibit important differences, they both have a common origin in globalization and in the inability of the global financial system to deal effectively with the consequences of globalization. in the asian crisis, the origin was in external imbalance of individual economies, private sector indebtedness, currency mismatch, and a sudden reversal of capital flows. in the current crisis

prasarn trairatvorakul : attributes of quality global citizens in the next decade speech by dr prasarn trairatvorakul, governor of the bank of thailand, at the international conference on general education “ roles and experiences in cultivating global citizens ”, bangkok, 11 january 2012. * * * distinguished panelists and moderator, ladies and gentlemen, it is an honor and pleasure to be invited to share my views on the issue of global citizenship in the next decade. on this issue, i wish to focus on two important dimensions, namely driving forces and readiness. first, i will look at the progress of asean integration as the major driving force toward global citizenship. and second, i will briefly discuss the necessity to develop global competencies to ensure the readiness of local talents with an aim to integrate with global talents. on the first issue, i should stress that global citizenship is linked to the relationship between an individual with the state. since we now live in a virtual world connected by technology, today ’ s global relationship should perhaps be better defined as an association with economic opportunities available to an individual irrespective of physical presence. moreover, global citizenship implies the shift from domestic focus to global focus with the ultimate aim of attaining global standards in terms of operating environment and resource management. at this juncture, however, i see it as unrealistic to think about global citizenship without first attaining regional citizenship. naturally, we in asia should see this regional citizenship linked to the economic opportunities available in our own region and to the degree of economic integration between asia and the rest of the world. thus, going forward, thai and other asean nationals need to put more emphasis on the growing asean economic community or aec, which will start officially in 2015 only a few years from now. ladies and gentlemen, as a major driving force of regional citizenship, the aec is part of a larger plan for the asean community, which involves security, economic, and socio - cultural cooperation. it aims to transform asean into a single market and production base, a highly competitive economic region, a region of equitable economic development, and a region fully integrated into the global economy. to this end, the aec blueprint focuses on free flow of goods, services, investment, and skilled labor, and freer flows of capital, to help minimize transaction costs and maximize trade gains. on trade liberalization, the ultimate target is not only to reduce all tariffs to zero, but also to eliminate