– 98 asian crisis, 2005 mini - crisis, and 2008 global financial crisis when indonesia responded “ procyclically ” by raising interest rates and tightening fiscal policies. this edited volume prepared by imf staff, entitled indonesia : sustaining growth during global volatility, elaborates the substantial improvement in the quality of macroeconomic management and banking regulation that indonesia has achieved in the midst of a volatile global environment. in addition, this book also highlights the most binding constraints that need to be addressed to sustain and increase economic growth as well as to further lower vulnerability going forward. overall, this book provides a deep and balanced perspective on the indonesian economy that might help to further enrich the framework of macroeconomic management in indonesia. we appreciate the thorough analysis of imf staff on various issues regarding indonesia ’ s economy. this in - depth and balanced analysis benefited from candid discussions between the indonesian authorities and imf staff during the article iv consultations. their analysis has provided insight to our policy discussions which should contribute to improving indonesia ’ s economic performance. i sincerely hope that publication of this book will help to better understand the progress made by indonesia in macroeconomic management and policy that can be used to further strengthening not only indonesian economy but also other economies. distinguished guests, ladies, and gentlemen needless to say, we cannot and may not assume that our macro stability will definitely continue in the future. this assumption can lead us to comfort zone that would reduce our ability to anticipate future challenges early on. i believe this seminar will be the right place to discuss both global and domestic challenges and how we should deal with them. at the global perspective, the immediate policy challenges is certainly how to mitigate the impacts of global economic slowdown and uncertainties. meanwhile, at the domestic front, a lot of domestic unfinished issues to be addressed which most of them are structural issues we never solve and thus have created inefficiencies both in the financial and real sectors. i hope this seminar will give us various perspectives on how to strengthen indonesian economy amidst those global and domestic challenges. may allah almighty always be with us, bless us and lighten our way towards a better future. thank you. bis central bankers ’ speeches

the products in the market as well. with respect to secondary bond market development, developing the private repo market has been one avenue that the bank has adopted to enhance a more liquid bond market. what i have mentioned here is only some examples of the earlier and ongoing efforts that the bank of thailand was involved in developing the capital market. going forward, there is still much work to do. the bank of thailand will continue to coordinate with other authorities and the private sector in order to move us closer to having a deeper and well structured capital market. ladies and gentlemen, in closing, i would like to stress that the underlying fundamentals of the thai economy remain sound, as evidenced by its continued ability to weather various adverse shocks. while it is uncertain how the current political confrontation will unwind, i am confident that the economy will prevail, as it has done a number of times in the past. over the longer term however, thailand will need, among other things, a deeper and stronger capital market in order to grow sustainably. it is therefore in our best interest to promote the development of the thai capital market and make thailand an attractive destination for quality investors. for this, we will need your active participation and continued faith in the thai economy. thank you very much for your attention.