led to asset price bubbles that eventually burst. but, the asian financial crisis has made thailand a very different place a decade later with much stronger economic resilience, together with significant progress of regulatory and institutional reforms. today, our macroeconomic policy framework has emphasized not only monetary stability but also financial stability with a broader and more in - depth surveillance that now covers household, financial, and real estate sectors. this strengthened surveillance framework has allowed us to take pre - emptive macroprudential measures to tackle potential imbalances in specific sectors before they develop into significant vulnerabilities. in parallel, our financial sector regulations and supervision have been strengthened significantly, aimed at ensuring that financial institutions and markets take prudent risks and have enough buffer to cope with potential systemic risks. countries in asia have progressed on the same path i mentioned after the asian crisis. in addition to the individual efforts, another important development is the regional efforts on precautionary measures. the latest development of the chiang mai initiative multilateralization also helps bridge the gap between the ifis and emerging market economies on the liquidity arrangement and timely disbursement. what is still ongoing is the establishment of a regional surveillance unit for asean + 3 that will facilitate the prompt disbursement of these liquidity facilities and provide us with a better understanding of risk and vulnerabilities in the regional context. global crisis : addressing root causes would be the same as the asian crisis looking back at how far asia has come from the crisis has put into perspective the recent global crisis and policy responses. in my view, this past crisis was also caused by a combination of excessive liquidity, and inadequate surveillance and supervision of both the regulated and shadow banking sectors in advanced countries. too much trust was placed on the market mechanism, which was proven to have failed. as in the case of sub - prime markets, risk awareness was not adequate by suppliers and demanders of financial instruments and no preemptive action was taken despite some very risky characteristics. the responses by crisis countries to prevent the next crisis were no different from what asian economies did more than ten years ago. the calls made by the g - 20 leaders include putting more focus on financial stability, strengthening financial sector regulations and supervision, enhancing surveillance mechanism at both individual and international levels, especially more effective surveillance role and liquidity support by the ifis, particularly the imf, just to mention a few important initiatives. please allow me a few comments on a few issues that

phase of the financial institution electronic data submission project. from today onwards, financial institutions ’ submission of over 200 hard copy and crf reports would be substituted by merely 41 data sets. consequently, this would more or less lessen the burden and make it more convenient for financial institutions to report data to the bank of thailand. the second phase of the project, which is scheduled to start on 2nd january 2004, would involve the implementation of the electronic data submission on financial institutions ’ foreign exchange transactions. whether the project could meet the setforth schedule very much depends upon continual support from every participating financial institutions. the third phase of the project involves the economic data system and is scheduled to commence its operation on 2nd july 2004. each set of economic statistics would be compiled by its corresponding official organizations while the degree of success of the electronic data transfer and submission would mostly depend on the readiness of the government agencies. at present, there are quite a number of project initiatives which have already been implemented ; for instance, the emis project, which is a joint project in conjunction with the fiscal policy office, ministry of finance. the project would link databases of 4 participating agencies ; namely, the fiscal policy office, the national budget bureau, the bank of thailand and the national economic and social development board ( nesdb ). with this regard, the bank of thailand would inform about the data linkages with the fiscal policy office, accordingly. and finally, i hereby would like to take this opportunity to thank all financial institutions, the bank of thailand executives, all staff in the dms project, the ibm ( thailand ) company limited including all related officials who greatly help push this project along the way throughout its first phase. i also hope to see this type of mutual cooperation continue until the project becomes fully completed. now, it ’ s the right moment, i hereby would officially commence the financial institution data submission and transfer under the data management system.