In particular, I would like to commend the Club for providing a valuable forum for fostering mutual understanding among representatives of major banks in East Asia and the Pacific region. More than two years have passed since the outset of the currency crisis in Asia, and we can now say that we have clearly witnessed a recovery.
Thus, at this juncture, I believe it useful to examine what kind of regional cooperation is desirable in Asia from a long-term perspective. Positive and negative sides of globalization Let me first consider globalization. The essence of globalization is the integration of markets worldwide and the deepening of various interdependent relations.