Tarisa Watanagase: Rethinking monetary policy in a globalized world – coping with current challenges and beyond Remarks by Dr Tarisa Watanagase, Governor of the Bank of Thailand, at the Central Bank of Malaysia High Level Conference 2009, Kuala Lumpur, 10 February 2009. * 1. *  *  Introduction  I would like to congratulate Bank Negara Malaysia on its 50th anniversary, and the magnificent job the Bank has done both in the domestic and international arenas. I wish the Bank continued success in the next 50 years and beyond. Thank you for the opportunity to address this distinguished audience on a topic that is a current concern for all central bankers during these turbulent times. I would like to raise a number of issues which have challenged the traditional thinking behind monetary policy as a consequence of globalization and the current turmoil. In some others I hope to propose solutions – some new, and some old. In many cases I will address the challenges and the blind spots which we face as monetary policy makers, and raise questions to which I myself do not yet know the answer. The developments that globalization has brought about has tested the limits of conventional monetary policy, both in terms of the current thinking about how monetary policy is conducted, as well as the effectiveness of the current approach to monetary policy. I will discuss these points in detail in a moment.
Unlike the frog, we must strive to know the wide world outside and continue to work together with our partners to address all the challenges we are faced with. Be assured this is true for France and for Europe, and in this respect I know that we can count on Japan as a reliable partner. Thank you for your attention. 3/3  BIS central bankers' speeches