11  All speeches are available online at www.bankofengland.co.uk/speeches  11  And regimes that enable systemic banks to be stabilised if they fail, so that they can be resolved in an orderly way without disrupting critical economic functions will reduce the cost of such failures to the real economy. There is still significant work to do to implement fully the resolution regime, domestically and internationally. And resolving a failing bank will never be a simple or painfree exercise. But, as the Purple Book and recent experiences in a number of jurisdictions show, we increasingly have available to us options that we did not have 10 years ago which will contribute to a safer and stronger financial  12  All speeches are available online at www.bankofengland.co.uk/speeches  12
Eddie Yue: Structural reforms needed to improve Asia’s economies Statement by Mr Eddie Yue, Deputy Chief Executive of the Hong Kong Monetary Authority, and Head of Delegation, Hong Kong, for the 47th Asian Development Bank Annual Meeting, Astana, Kazakhstan, 4–5 May 2014. *  *  *  I would like to express my gratitude to the Government of Kazakhstan for hosting the 47th Annual Meeting of the Asian Development Bank (ADB) and the people of Kazakhstan for their hospitality. I would also like to thank the Management and staff of ADB for the excellent organisation of the event. Since the last ADB Annual Meeting, we have seen a modest and uneven global recovery, with the advanced economies showing a pickup in economic activities while emerging market economies (EMEs) generally experiencing a moderation in growth. Financial markets have turned more volatile in response to the changing pattern of global growth and expectations of a turning point in US monetary policy, and a number of EMEs have seen a sharp reversal of capital flows. Regional economies have remained relatively resilient in the recent bouts of financial market volatility, thanks mainly to the stronger fundamentals of the region nowadays. Since the Asian financial crisis, many regional economies have implemented reforms to improve their macroeconomic management and fiscal positions, built up foreign reserves and strengthened their financial sectors.