However, as the last line of defense, monetary policy can be used to lean against the winds of excessive asset prices. The prudential measure we implemented some time ago – a loan-tovalue limit of 90 percent for condominium purchases – is an example. The measure in itself is not particularly binding; it is more significant as a pre-emptive move designed to signal policy resolve in mitigating possible build-up of real estate bubbles. At present, the risk of real estate bubbles is not significant but should capital inflows surge again amid strong  BIS central bankers’ speeches  3  domestic demand and credit growth in real estate, macro-prudential measures may need to be tightened. On capital flow liberalization, we are moving to liberalize capital outflows so as to foster more balanced capital flows. This will help to balance fund flows and support exchange rate movements in line with economic fundamentals. In addition, with the rise of the AEC, crossborder investment will facilitate regional competitiveness and realize supply-chain synergies. Lastly, on financial sector liberalization, ongoing financial sector reform will also build financial sector resiliency to shocks from within and without. Thailand’s financial master plan, now in its second phase, continues, and focuses on liberalization through increased competition, raising efficiency, and strengthening the financial infrastructure. We also view an efficient financial sector as supportive of unleashing long-term engines of growth, such as structural change.
Notwithstanding the challenges facing the global economy and the recent increase in market uncertainties, the ranks and fortunes of the wealthy are expected to continue growing rapidly.   Global wealth is assessed to have the potential to rise 50 percent over the next five years, spurred by a surging middle-class in the Asia-Pacific, Latin America, and Africa.   The Asia Pacific region in particular is forecast to have the highest projected compound annual growth rate of 11.4 percent for assets under management from 2010–2015. Eight of the twenty fastest-growing high net worth markets are in the Asia-Pacific. Wealth management – the Singapore advantage As John Rockefeller once asked “The only question with wealth is, what do you do with it?” Those of you who manage wealth have a key role to play. You are at the heart of this explosion of wealth in Asia and in serving the needs of your clients, you help to intermediate  1  Merrill Lynch – Capgemini World Wealth Reports and Global Private Banking and Wealth Management – The New Realities, by David Maude. Market defined in terms of individuals with financial wealth of more than $ million. 2  $ trillion as at end 2010 as compared to $ trillion as at end 2001 – ML-Capgemini World Wealth Reports. BIS central bankers’ speeches  1  this growing pool of wealth and put it to productive use. And Singapore has a compelling value proposition in helping to make this happen.