The two must be made to intertwine and clear legislation should be made for the procedures for the central bank at appropriate intervals to agree monetary targets with the government and then to be allowed to implement its work independently and unimpeded. But I guess there’s no point in talking much about it now. Let’s wait and see what mandate people give during the election. The only obvious thing is that the present Senate seems to be quite qualified to take up such an important role as safeguarding the central bank. Let me continue on what the new government has to look at, for instance the general guarantee on deposit. This general guarantee cuts across all good banking practices. Banks that misbehave are not being penalised and those that try to do well are dragged down by those who are capricious with the general guarantee that the government gives. The general guarantee will have to be got rid of sooner rather than later if Thailand is to get back on an even path. Probably, in order to do this, some kind of deposit insurance will have to be in place and seen to be working. It does look like a long road for the new government, where sequencing and implementation of many difficult concepts is still needed before full prosperity returns. Let’s start on this road to prosperity as soon as possible.
The economy remains tied to the extraordinary and unpredictable nature of the pandemic. But with continued progress on the economic recovery and a reversal of some of the pandemic’s unusual dynamics, I anticipate that we will soon reach a time when business will be more like usual. I look forward to the Q&A portion of today’s program, and very much look forward to seeing many 3/4  BIS central bankers' speeches  of you when we are able to be together again. 1 See Hobijn, Bart, and Ayşegül Şahin (2021), “Maximum Employment and the Participation Cycle,” paper  presented at the 2021 Jackson Hole Economic Policy Symposium, August 27. 2 Olivier Armantier, Fatima Boumahdi, Leo Goldman, Gizem Koşar, Jessica Lu, Giorgio Topa, and Wilbert van der  Klaauw, “Have Consumers’ Long-Run Inflation Expectations Become Un-Anchored?,” Federal Reserve Bank of New York Liberty Street Economics, September 24, 2021. 3  Board of Governors of the Federal Reserve System, Federal Reserve Issues FOMC Statement, December 16, 2020. 4/4  BIS central bankers' speeches