And certainly, we need indigenous ASEAN banks to bridge markets, offer products and services and meet the varied needs of consumers and producers. ASEAN’s saving – at 31% of GDP and 11 percentage points higher on average than the rest of the world – needs a repository before these can be intermediated or invested.
The fact that advanced economies of the size of more than 300 million people have a tendency to be significantly diverse calls for a solid economic governance framework and explains why the ECB Governing Council has been so vocal in this ground since the inception of the euro area.