It gives me a great pleasure to welcome all of you to this 49th SEACEN Governors’ Conference/High-Level Seminar and 33rd Meeting of the SEACEN Board of Governors being held in Kathmandu. I am thankful to the SEACEN Governors for trusting us to host this important event after 26 years.
The growing integration of the world economy has contributed to create another dimension of loose policies: the failure to recognise the impact of domestic policies on other countries or  BIS central bankers’ speeches  1  the global economy, where the policies’ externalities can be detrimental to global growth and the stability of the global economic system.