For example, the MPC’s monetary loosening added around £ per year to the average household’s net interest income, £ to their labour income and £ to their net wealth. The lower part of Figure 1 looks at the effects of non-financial channels on well-being, namely the reduction in the probability of unemployment, translated into income-equivalent units. 44  The increased probability of  being in a job adds in excess of £ each year for the average household. All in, this gives a boost to welfare for the average UK household of close to £ This is large relative to annual household income of £  As a memo item, and point of comparison, Figure 1 also shows an estimate of the annual cost of undertaking monetary policy, using data from the Bank of England’s accounts. 45  On a broad estimate, this annual cost  amounts to around £ per household per year. This “servicing charge” for monetary policy is clearly a very small fraction of the annual benefit to households from looser monetary policy over the period. The disaggregated analysis set out means that, in principle, a monetary policy scorecard like this could be fitted to any individual’s circumstances. As an illustration, Figures 2-4 show scorecards for three different hypothetical households: a renter under the age of 30; a 30-50 year old mortgagor; and a 50-plus home-owning household.
Notably, the launch of the ASEAN Banking Integration Framework (ABIF) in March 2015 and the progress made in integrating the regional capital markets and the payment and settlement systems are important milestones in this process. Partnerships for a Successful Future While the authorities and policy makers in ASEAN have entered into multilateral partnerships to achieve the common goal of a more promising future, so has the private sector, given the immense opportunities the more integrated region presents. This is also reinforced by the intrinsic predisposition of the DNA of the region and its people and institutions. The future of ASEAN needs to be built on the collective actions that are for the advancement of ASEAN. Businesses have already been proactive in harnessing the benefits arising from the diversity  2  BIS central bankers’ speeches  and complementarities in the region. To date, these efforts have culminated in the launch of the ASEAN Economic Community in 2015. In a global landscape that is constantly evolving, uncertain and complex, building effective and smart partnerships has become an imperative for the common goals that ASEAN aims to achieve. Partnerships are important because no one entity has all the solutions, answers and expertise to take full advantage of all the opportunities and synergies that are created in such partnerships. Moving forward, building successful partnerships is an important strategy to realise the true economic potential of ASEAN. As an example, effective partnerships in the financial sector have made important contributions to institutional building in our financial systems.