One cornerstone of that integration is the creation of a permanent central fiscal capacity in the euro area to facilitate the economic policy response to severe shocks, such as the 4  current one and the pandemic-related crisis of the last two years, replacing the existing ad hoc agreements. The design of the common fiscal capacity must be informed by the very lessons that we learn from our fiscal response to the war and from the NGEU and SURE programmes. The financial realm is a second area of economic integration. Pan-European bond issuances to finance the NGEU programme, and any other issuances as part of the response to the invasion of Ukraine, are an important step towards creating a European safe asset. In addition, deeper capital market integration in the euro area would pave the way for greater risk-sharing in the face of asymmetric shocks. Lastly, a third necessary element to shore up the euro area’s institutional architecture is the completion of the banking union, establishing a European deposit insurance scheme and a common framework for resolving systemic crises. ECB monetary policy Last week the ECB Governing Council held its first meeting since the invasion began. Against a backdrop of high inflationary pressures in recent months, we decided to take a further step towards normalising our monetary policy. However, given the enormous prevailing uncertainty, we combined this with greater flexibility and optionality in our actions going forward to allow us to react to the incoming data. Let me explain these measures in more detail.
Prasarn Trairatvorakul: Economic transformation for sustainable economic growth in the Greater Mekong Subregion Speech by Dr Prasarn Trairatvorakul, Governor of the Bank of Thailand, at the Euromoney Greater Mekong Subregion Investment Forum, Bangkok, 28 May 2015. *  *  *  Excellencies, Honorable speakers Distinguished guests; Ladies and Gentlemen 1. It has always been a great pleasure to be part of the Euromoney Greater Mekong Subregion Investment Forum. Let me first thank the organizers for inviting me to share with you my views and vision on the prospects of GMS during the last three consecutive events. Today, it is my last remark as the Bank of Thailand governor at this forum to highlight the way forward of our region, and today’s topic on “Economic Transformation for Sustainable Economic Growth in the Greater Mekong Subregion” seems to fit the current context and timing quite well. 2. My first talk here three years ago was on the Greater Mekong Subregion as the “rising star” of Asia. For its rich endowments and strategic locations, the GMS is now well recognized as a new gem that shines through the South East Asian economic frontiers. Over the past decades, I have witnessed the beautiful glory of the GMS. With its impressive economic growth and good prospect for trade and investment opportunities, the GMS has gained much interest from both regional and global investors. 3. According to the ADB, the foreign direct investment inflow to the GMS has increased steadily at the annual average of 8–9 percent.