To contribute to the reflection, we are about to publish a discussion paper on the possible regulatory options for DeFi. In order to build the most appropriate framework, taking notably into account the question of proportionality, we need to feed our thinking with input from all stakeholders: financial services or crypto-assets industry professionals, IT specialists, academics, other regulators and supervisors- That is why this document will be open to a wide consultation and I look forward to listening to your reactions on it. 2. The second axis is to use DeFi innovation to serve the possible development of tokenised finance and to improve cross-border payments Our monitoring of DeFi is not just motivated by financial stability risk but also by our intuition that its innovative potential could serve the development of an ongoing trend: the tokenisation of finance. To do so, central banks and the traditional financial players need to understand how DeFi operates and master its innovative aspects in order to use them in a secure way to do something else than speculate on crypto-assets. This is what we are trying do with the project Mariana, our ongoing experiment with the MAS, the Swiss National Bank and the Eurosystem, Singapore and Switzerland BIS Innovation Hub Centres. Basically, we are building an automated market for the exchange of CBDCs based on a concept imported from DeFi. This project is really at the crossroads of a number of topics: enhancing cross-border payments, CBDCs interoperability, understanding of DeFi and the development of tokenised finance.
As for my part this morning, given the limitations of time, I want to share with you my thoughts on a few issues that I think will be important for the global economy and for Thailand this year. These are my own views on the global outlook and the implications for Thailand. First, the global economy. Conventional market view at this time is for the global economy to slow somewhat from last year, growing at about 4.9 percent compared to a growth of 5.1 percent last year. So, as the numbers suggest, the current view is for a moderate slowdown, reflecting for the most part a slower pace of expansion in the US. This is essentially a soft-landing scenario in the sense that the US will experience only a moderation in growth without major adverse impact on asset prices. From Thailand's point of view, the slowing of global growth will have important implications for our export sector. Exports, particularly last year, have been the key driver of Thailand's performance. Therefore, for the economy to continue to maintain its momentum, it is important that we see in Thailand this year a stronger turnaround in domestic demand, especially in private sector investment. For the global financial markets, I think three important implications are likely to emerge from this year's slower growth. First, inflation is likely to be less of a policy concern across the major economies compared to last year.