embarking on this path will require deep conviction and visionary leadership across financial institutions, governments and policymakers. but the pay - offs will be immeasurable. for many in society, it will also make the difference between economic freedom and opportunities, and a lifetime of hardship. thank you. see also : 1. implementation guide for value - based intermediation 2. value - based intermediation financing and investment impact assessment framework ( consultative document ) 3. value - based intermediation scorecard ( consultative document ) 4 / 4 bis central bankers'speeches

easing, deleveraging activities, and financial sector resolution in the major economies. in addition, bis central bankers ’ speeches this has been reinforced by the building of buffers during the good times. financial intermediaries remain well capitalised with strong buffers, while the international reserves remain sufficient to deal with surges and reversals in capital flows. a more recent development in this decade is greater regional collaboration and cooperation. asia is well ahead in the areas of surveillance arrangements, financial safety nets, and crisis management. these frameworks and arrangements have been built up during the good times. information sharing and the establishment of regional arrangements and platforms, including the building of regional financial infrastructures and markets, are not only to facilitate the efficient intermediation of financial resources, but also to safeguard financial stability in the region. this trend paves the way for coordinated policy actions to manage and mitigate the risks and vulnerabilities to the region. conclusion the global economic and financial environment remains highly dynamic and uncertain. while emerging asia is unmistakably contributing to reshaping the configuration of the global economy and the international financial system, the fundamental underlying factors driving this global transformation needs to be continually reinforced. it will require our own continuous economic and financial transformation. most important will be to ensure the continued economic flexibility of the region to adjust to the rapidly changing global and regional conditions, the strengthening of the connectivity among the emerging economies in general and within the asian region, and to boost further the resilience of the region to withstand any destabilising developments. the asean economies have a distinct advantage. in terms of their economic flexibility, their size and stage of development provides the prospects of having greater agility to adjust to the rapidly changing conditions. in terms of the connectivity, the asean region is a highly cohesive region. historically, it goes a long way back to the 1950s. cooperation and collaboration are evident in most areas of economic activity and in the financial sector, in both the public and private sectors. policy - makers participate in several regional agreements and arrangements. the large economies have the opportunity to leverage on the potential synergies from a greater interface with the asean grouping. to realise the asian potential, continuing the transformative momentum and enhancing the cohesiveness of the region would not be complete without ensuring that the benefits of development is widely shared. experience has shown, even in the advanced economies, that when inequality is high and significant, instability follows. greater inclusiveness within economies and across