At the same time, a top-down element, which articulates common goals and policy principles, increases efficiency in resource mobilization and allocation and facilitates learning across jurisdictions, also plays a critical part. An optimal mix of the two needs to be found. Let me end by once again thanking the MCCI for inviting me to speak on this special occasion.
The integration of ASEAN insurance markets has a more assertive timeline  BIS central bankers’ speeches  1  while capital market development has a definitive vision for a harmonized framework for cross-border securities transactions. None of these integrated markets could exist, however, without the necessary pipelines and so interoperable and/or interlinked trading, clearing and settlement systems are likewise a necessity.