So we are still some way from having a stable international regime within which to operate. Third, policy changes take time to have their effect. Indeed, the experience of monetary policy over the past few years demonstrates the need for patience. As well as addressing the issues around policy coordination, I hope I have also drawn your attention today to some aspects of how the PRA and its Board work. These are not secrets, and there is a wealth of information already published. But prudential supervision tends not to attract the same public attention as monetary policy unless something goes wrong. The work of the PRA and its Board is nevertheless a vital and distinct part of the new system and we need to be as open and transparent about our role, policies and operating procedures as we can be. 8  BIS central bankers’ speeches
Prasarn Trairatvorakul: Towards a multi-polar currency and reserve system Speech by Dr Prasarn Trairatvorakul, Governor of the Bank of Thailand, at the High-Level Conference on the International Monetary System, Zurich, 10 May 2011. *  *  *  Governor Hildebrand, Managing Director Strauss-Kahn, Distinguished Speakers, Ladies and Gentlemen, 1. I would like to thank the co-hosts, the Swiss National Bank and the International Monetary Fund, for inviting me to speak at this high-level conference. So far in this session, we have listened to a number of insightful presentations by well-known speakers. To avoid repeating what has been said, I will try to frame my talk from the perspective of a small emerging market economy. My focus will be on the three problematic issues facing emerging market economies and the current international monetary system, and how we may think of what needs to be done to put our international monetary system on a more sustainable path. 2. Let me start with the first issue. As of now, excess global liquidity generated under the current international monetary system is complicating the conduct of macroeconomic policy in many emerging market economies. Although the expansion of the global economy has strengthened in the past few quarters, economic cycles and thus monetary policy stance among various regions greatly differ. This has been widely regarded as a key push factor for international capital flows into emerging markets.