1  For example, the IMF’s Regional Economic Outlook for Asia and Pacific region (April 2013) highlighted that a number of emerging Asian economies could run the risk of a sustained growth slowdown of the so-called the “middle-income trap” phenomenon. 2  BIS central bankers’ speeches  Due to the long-term nature of structural readjustments, continuity of policy implementation is required for the policy measures to take meaningful effect on the economy. Consistency both over time and across the broad spectrum of macroeconomic policies, guided by the overriding economic reform agenda, is needed to reach an optimal outcome at minimum cost. And precisely because of all the challenge and difficulty in searching for the right direction for the economy and making it happen, a visionary leadership is vital for successful structural transformation. Clear and far-sighted vision for the economy, the ability to maintain coherency between strategic ideas and short-term actions, and the ability to bridge differences and cultivate shared beliefs are but some of the important characteristics needed for policymakers to deliver changes. These three principles – visionary leadership, consistency, and continuity – should be at the root of the national economic policy formulation and implementation to ensure quality public policy that can enhance the country’s competitiveness and sustain long-term growth. Realizing potentials of regional integration Ladies and gentlemen, Implementing reform through domestic policy alone is likely to be a daunting task, but fortunately Asian economies can leverage on the vast opportunities offered by the regional economic network.
In the current geopolitical environment, such risks are, unfortunately, not as remote as they once were and need to be taken seriously by European policymakers. Conclusions We have laid the groundwork by providing safe and efficient market infrastructure, and this should be used as a basis for innovative, user-friendly solutions. The way to protect the integrity of European payment services is not by closing them off to the world, but by making them global players. Building on local or national solutions is anachronistic and will not meet the needs of the market. If we are to succeed at a global level, the issue of domestic governance needs to be addressed. Our reliance on non-European card schemes for domestic payments in Europe is suboptimal. European card schemes should make interoperability and full pan-European reach their main priorities, enabling any card to be used at any terminal. At the same time, governance arrangements need to cater for European needs, given that cards are the single most important electronic payment instrument in Europe. However, protectionism should not be used to artificially promote European innovation in payment services. We should remain open to global players, but should focus more on addressing the reasons for the lack of major European providers in the payment market. It is important that European payment service providers are active at a global level. Rather than establishing national solutions, we should seek to develop global solutions based on European open governance that use European infrastructure.