The number of global and regional positions in Singapore has grown. Most underwriting decisions can be made on the ground instead of being referred back to headquarters. This has enabled the Singapore market to respond more quickly to clients’ needs. Most Asian risks, including entire large reinsurance programmes and specialty risks, can now be fully placed in Singapore. Towards becoming a global marketplace Our vision is for Singapore’s insurance industry to become a global marketplace by 2020, with the ability to accept not just regional, but global risks. To achieve this, we are pursuing four strategies with clearly laid out initiatives. •  First, to increase supply-side capacity, in both volume and expertise. •  Second, to promote insurance demand, both locally and in the Asia-Pacific. •  Third, to develop a true marketplace, where sellers and buyers come together to negotiate and trade risks. •  Fourth, to foster a conducive business environment. Increase capacity Let me begin with our plans to increase supply-side capacity. 2  BIS central bankers’ speeches  We are focused on increasing the quality and diversity of underwriting expertise here. Having expert underwriters on the ground enables insurers to be more responsive to their clients and make underwriting decisions quickly. They will also have a better understanding of the market environment and underlying risks. Recent events highlight the need to build up a deeper understanding of Asian risks. For example, prior to the devastating floods of 2011, Thailand had not been viewed as catastrophe-prone.
Mario Draghi: Short address on the occasion of the launch of the Europa series € banknote Speech by Mr Mario Draghi, President of the European Central Bank, at the launch of the Europa series € banknote, Bratislava, 2 May 2013. *  *  *  I mentioned this at the end of today’s press conference, but let me say again that I’m very pleased to be here today to see the launch of the new 5 euro, the first banknote of the Europa series. The new banknote will join 15 billion euro notes already in circulation. They are the most visible and tangible symbol of European integration, used from one end of the continent to the other. With the Europa series, we are giving a face to our currency. A portrait of Europa, a figure from Greek mythology, has been incorporated into some of the security features of the new series. After centuries of division, the European Union was awarded the Nobel Peace Prize last year for its contribution to “the advancement of peace and reconciliation, democracy and human rights in Europe”. We all know that Europe is experiencing some challenging times. Governments and citizens are making extraordinary efforts to put their economies on a sounder footing and to build a more stable future for the European Union. In times like these, it’s important to remember what the Union and the euro have achieved and what they mean in the longer term, especially for young people.