Thus, increased growth and globalisation have not solved all of the problems, far from it; there are still far too many poor people who are on the outside of the world economy and far too many countries with large environmental problems. However, existing shortcomings and defects do not mean that the present model needs to be changed; on the contrary, it needs to be defended, extended and spread further, and its weaknesses need to be managed. I believe that the positive effects of sustainable long-term growth, combined with the opportunities offered by continued internationalisation of the world economy, indicate that there are good grounds for optimism about the future. BIS Review 60/2004  7
Sunil Mendis: Is it time for a common currency in the SAARC region? Inauguration speech by Mr Sunil Mendis, Governor of the Central Bank of Sri Lanka, at the 15th Forex Conference of the Forex Association of India, Colombo, 20 August 2004. *  *  *  It is with great pleasure that I accepted the invitation from the Forex Association of India to inaugurate its 15th Annual Forex Conference here in Colombo. I would like to extend a warm welcome to this distinguished gathering of forex professionals from Sri Lanka as well as from many of our neighboring countries. I am sure that this is an excellent opportunity for all of us to promote goodwill among ourselves. It also gives us an opportunity for sharing our thoughts on the way forward for South Asia’s currency and financial markets, which is the theme of this year’s conference. Forex, as you very well know, is the largest financial market in the world. Unlike many other markets, the international forex market is open 24 hours a day. Its daily turnover is well over $ 1.2 trillion. This turnover is more than the combined turnover of the world’s major stock markets on any given day. Hence, the international forex market is a very liquid, and thus, a desirable market for trading. As with any other market, technology has also contributed immensely towards its expansion. Now trades are executed increasingly through the internet. It has allowed even smaller investors the access to the market.