sukhdave singh : the rise of the south at a crossroad – a view from east asia and latin america opening address by dr sukhdave singh, deputy governor of the central bank of malaysia ( bank negara malaysia ), at the world bank knowledge and research hub conference “ the rise of the south at a crossroad : a view from east asia and latin america ”, sasana kijang, kuala lumpur, 16 may 2016. * * * i am pleased to welcome you to today ’ s conference on “ the rise of the south at a crossroad : a view from east asia and latin america ” organised by the world bank knowledge and research hub in kuala lumpur. for those of you who have not been here before, i would also like to welcome you to sasana kijang. i congratulate the world bank knowledge and research hub for organising this conference on economic integration. economic integration within the current global context it is indeed an opportune time for us to look at economic and financial integration and what it can offer to emerging economies in asia and latin america. it is an opportune time because the world seems to have been unable to bounce back towards a healthy growth path after the financial crisis in the developed world. it is an opportune time because policymakers have not been successful in generating strong sustainable growth. the traditional tools for nursing the economy back to health don ’ t seem to be working as well – possibly because of overuse or misuse. a pedantic approach to monetary policy in much of the developed world has led to near zero and negative interest rates in many of these economies. yet growth has remained stubbornly weak. such policies also risk merely creating the transfer of growth across time rather than promoting sustainable growth over time. it is perhaps time to start asking whether the best way to recover from the blow - out of one debt bubble is to create the conditions for another. central bankers and financial markets seem to be caught in a cycle of brinkmanship and central banks are caught in a trap of their own making. the outcome has been almost a decade of worsening financial repression, the progressive build - up of risks in the global financial markets, accompanied by weak investment and weak growth. it is clear that the lessons of the financial crisis have not been fully learnt in these economies – not by the financial markets and not by the policymakers. similarly, fiscal policy is supposed to be a tool that should be useful

malcolm edey : otc derivatives regulation keynote address by mr malcolm edey, assistant governor ( financial system ) of the reserve bank of australia, to the international swaps and derivatives association ( isda ) conference, sydney, 18 october 2012. * * * i would like to thank mark manning for his assistance in preparing this speech. good morning, and thank you once again for the opportunity to speak to you today. a great deal has happened since i last addressed this gathering a year ago. markets around the world remain under pressure, with the sovereign debt crisis and fears over the future of the euro continuing to weigh on confidence. australia has been somewhat sheltered from these developments. as reported in the bank ’ s recent financial stability review, australian banks ’ asset quality has held firm, their usage of wholesale funding has been wound back, and overall bank funding costs have fallen over the past year. while australia ’ s financial sector and the condition of the real economy remain favourable by international comparison, many of the lessons of the global financial crisis remain as relevant in australia as elsewhere. the australian authorities have continued to be involved in both domestic and international debates over refinements to regulatory settings. the aim of course is to reduce the likelihood of further distress, and to ensure that in the event that problems do emerge the authorities have the appropriate tools to deal with them effectively. over the past year, the agencies that comprise the council of financial regulators have progressed a number of regulatory initiatives, consulting extensively with industry participants on matters such as the implementation of basel iii in australia, enhancements to the resolution regime for banks, and reforms to the regulation of financial market infrastructure. but today i ’ d like to focus again on the area of reform i discussed here a year ago : the regulation of otc derivatives markets. as everyone in this room is aware, at the pittsburgh summit three years ago the g - 20 leaders agreed that, ‘ all standardised otc derivatives contracts should be traded on exchanges or electronic trading platforms, where appropriate, and cleared through central counterparties by end - 2012 at the latest. otc derivatives contracts should be reported to trade repositories. non - centrally cleared contracts should be subject to higher capital requirements ’. when i spoke to this group last october, the council of financial regulators was engaged in a consultation on central clearing of otc derivatives. i talked about a number of policy challenges that the council agencies were grappling with, including whether central clearing of australia ’ s most systemic