flow, especially for developing countries. in this regard, the regional swap arrangements already signed by a number of countries are a step in the right direction. by strengthening the credibility of central banks, such arrangements have the scope to impart positive impacts in terms of reduced volatility in regional financial markets. in light of the large pool of savings and international reserves the region currently has, there may be room for further initiatives on this front. in addition, there seems to be scope to better mobilize regional savings and improve intra - regional capital flows. in the past, the savings rates of countries in the asia - pacific regions have been very high. but most of these savings were channeled first to the united states and europe before eventually returning to asia. i believe that we should look into ways to better channel these regional savings so that they help to cushion our countries from excess volatility of capital flows. i am glad that yesterday mr. kuroda proposed the establishment of a co - operation on capital flows and the streamlining of foreign exchange policy among the asean plus three group. thailand welcomes this move which would not only help reduce excess volatility of capital flows for countries in the region, but also provide exchange rate stability to support intra regional trade, which constitutes about 50 % of our exports. we are willing to move forward with asean plus three in this direction. you may take this as an official response, as i have already discussed this issue with our minister of finance. conclusion ladies and gentlemen, before ending, i would like to emphasize again that thailand has gained significant ground since the aftermath of the 1997 crisis. macroeconomic stability has been restored, progress has been achieved in financial restructuring and strengthening bank supervision, and external vulnerability has been substantially reduced. at this juncture, however, there is no room for complacency. the key challenge facing the authorities is to maintain macroeconomic stability while accelerating the pace of reforms amidst the global slowdown and heightened market uncertainty. through careful management of domestic policies, greater regional cooperation, as well as consolidation of restructuring efforts, thailand and the surrounding region should weather the global slowdown and return to a sustainable growth path. i would like to thank you once again for the opportunity to address this distinguished forum and wish you all the best. thank you.

the power ( and even the responsibility ) to contribute to the low ‐ carbon transition and a more sustainable economy ( within the scope of their mandates ), but they cannot solve these problems on their own either. that is the reason why the coordination and coherence of public policies matter, as well as new private ‐ public partnerships. * ii. coherence and coordination if central banks are to safeguard financial stability in the age of climate change, they will need to coordinate their actions with measures to be implemented by other players such as finance ministries or specialised government agencies. the green swan explores three dimensions of this coordination : ‐ firstly, the interactions between monetary and prudential policies with fiscal policies ; see for instance the call for action issued by nobel prize laureates and other experts : agre et al. ( 2021 ). our planet, our future : an urgent call for action. accessible at : https : / / www. nationalacademies. org / news / 2021 / 04 / nobel ‐ prize ‐ laureates ‐ and ‐ other ‐ experts ‐ issue ‐ urgent ‐ call ‐ for ‐ action ‐ after ‐ our ‐ planet ‐ our ‐ future ‐ summit ‐ ‐ secondly, how central banks can facilitate the international monetary and financial coordination needed on climate change ; and, lastly, how central banks can contribute to promoting values and behaviours that are particularly important for the low ‐ carbon transition, such as long ‐ termism. for example, climate change is now at the agenda of the g7 and the g20 finance tracks where representatives of finance ministries and central banks work together. new forms of cooperation between the public and the private sector have emerged as well, such as on the very important topic of disclosure : ‐ the tcfd for climate ‐ related disclosure ; tasked by the fsb ( finance ministries and cb ) but private led ; the work of the tcfd is now taken into account by public authorities and standard ‐ setting bodies at the global level ( ifrs ) as well as in the eu ( eu commission / efrag ) ‐ the tnfd, a private ‐ led initiative that brings together industry, ngos, international organisations and public authorities, aiming to develop a nature ‐ related disclosure. as mark carney stressed yesterday, disclosure should be a priority and his goal for the cop 26 is to make the tcfd framework mandatory. in the speech we have already quoted, mario draghi also insisted upon the need to foster the cooperation of public and private institutions and keep