Fellow Governors, In my observation, I notice that a number of remarkable changes have occurred in the region. First is the heightened regional cooperation with the objective of establishing a regional self-help. Unlike most of their counterparts in other parts of the world, the latest financial crisis, among other factors, provides strong impetus for the monetary and financial cooperation in East Asia.
The initiative to create a set of Bilateral Swap Arrangement, to develop Asian bond markets, and to conduct regional surveillance are our collective means to maintaining greater stability in the region, particularly in the face of highly volatile flows.