The EONIA rate is a concrete  8  See http://www.ecb.int/pub/pdf/other/indicatorsfinancialintegration200509en.pdf  3/6  example how market participants play an important role in fostering financial integration through the adoption of market conventions, facilitated by the ECB acting as a catalyst. A consistent picture of a highly integrated unsecured money market is also painted by the indicators for the maturities longer than overnight.
*  *  *  Mr. Gopinath Pillai, Chairman, Institute of South Asian Studies (ISAS); Mr. Heng Swee Keat, Managing Director, Monetary Authority of Singapore (MAS); Dr. Jaishankar, Honorable High Commissioner; and distinguished friends. I deeply appreciate the invitation from the ISAS to address this august gathering of policy makers, eminent academics, and market participants of Singapore.