Without that, the financial industry cannot be effective in performing its key roles. Cultivating these three traits emphasized by Onora O’Neill—competence, reliability and honesty —will help enable you to have a personally fulfilling career. The best doctors or lawyers do their work not only because it pays well, but because it is interesting and contributes an important service to society. I hope you feel the same about what you do. And if you don’t, I urge you to consider how your industry can become more professionally fulfilling. What is needed for you to feel better about your work, to sleep more soundly, to worry less about the risk posed to your business by potential misconduct? Your professional fulfillment will grow if you also contribute to promoting these qualities in others —that is, by helping to improve the culture of financial services. It is easier to be smart, dependable and trustworthy when you are surrounded by other people who also fit that description. My second message is to reject the idea that a separate regime of ethics or morality applies in banking. I’m sure you have heard this, or perhaps even thought this, at some point in your career. 3/6  BIS central bankers' speeches  Let it end there. We often teach our children by asking them if they would engage in that type of behavior at home. This is good professional advice as well. Bankers have been criticized for their ethical and moral shortcomings. That criticism has legitimate grievances at its roots.
In this regard, private sector’s improvement in technology and innovations, in tandem with other infrastructure development, can become a tailwind to support the GMS to overcome technology stagnation and provide a competitive edge to the private sector. This should also enhance the intra- regional trade and investment capabilities. 13. Last but not least, financial system can act as a blood-vein that nurtures the economy. We might not realize the necessity of having a healthy blood- vein system in our body. But if there is a blockage, one could experience a detrimental malfunction of the brain, and stroke may occur. The same applies to our economy; efficient and accessible financial system will ensure smooth and solid transformation of the economy. At this juncture, financial institutions are a key in keeping the efficacy and health of the financial system in check. On one hand, financial prudence through enhanced risk supervision and management will provide a strong backdrop for improvement in financial system. On the other hand, the favorable financial system should also be underpinned by financial inclusion, which is analogous to having the blood-vein reaches all organs in our bodies. As I previously pointed out, increasing access to financial services will bolster economic dynamism where vast financial opportunities can be better tapped by private sectors. Ladies and gentlemen, 14. To end my remarks today, allow me to reiterate that these key enablers will be necessary to support the areas of transformation for the GMS.