I also welcome the IMF’s continuous engagement and responsiveness to the experiences of countries in this region, that have been using these policy tools for many decades. And I hope the IMF will continue to fine-tune the Institutional View on Capital Flows and its interaction with macroprudential policy. To my mind, this will provide the 3/5  BIS central bankers' speeches  impetus to a deeper partnership between members and the IMF as a trusted policy advisor. The second area relates to our policy approaches. They must be clear, coherent and complementary to ensure a more human-centered approach. Experience shows that for globalisation to make sense to the man on the street, they must ‘feel’ and be ‘touched’ by its benefits, and be satisfied that their lives are better than before. Public engagement is important to address specific concerns. Domestic policy programs and implementation must be coherent, comprehensively explained and easily understood, and complemented by policy measures consistent with the intended outcomes of international arrangements. Robust communication and transparent assessments can contribute to deeper levels of public understanding and acceptance. With information now easily accessible to all and sundry, authorities are no longer the sole arbiter of knowledge. Authorities, therefore, cannot maintain a one-dimensional communication strategy to explain the multi-dimensional policies and the consequent impact of those policies that we implemented. Finally, we must fully embrace the explosion of technology to keep pace with the altered global economic landscape. Come 2020, more than 24 billion internet-connected devices will be installed.
Conclusion Looking ahead, globalisation will likely work if we widen the horizon that touches positively on all segments of society. Negative spill-overs are likely unavoidable. But it is incumbent upon us to formulate policies and give greater attention to those most adversely impacted by this process. Kofi Annan compared globalisation to gravity. With weightlessness, astronauts experience intense dizziness and lose their sense of orientation. Without gravitational pull, their bones weaken, ligaments deteriorate and muscles atrophy. The same can be said about the force of globalisation – without it, economies weaken, relationships deteriorate and growth atrophies. Globalisation is slowly but surely solidifying our shared future as one global nation of states. It is our collective responsibility to strengthen and sustain the state of this nation for the benefit of future generations. 4/5  BIS central bankers' speeches  Let me end here by thanking the eminent speakers and participants for being here, and I look forward to hearing your views. I hope that you will also take some time during your stay here to enjoy the diversity of our country. Thank you. 5/5  BIS central bankers' speeches