The Bank has put in place a structured, holistic and collaborative Scholars’ Development Programme to support all of our scholars throughout their studies. The programme aims to develop high-quality and well-rounded scholars with leadership qualities that will be the next generation of young talent who will be the leaders of tomorrow for the Bank and our nation. With regard to the achievement of our scholars enrolled in top university, I am glad to share with you that this year 3 of our scholarship holders will be entering the University of Pennsylvania to pursue their undergraduate studies in Economics and Finance, 1 scholar to pursue Engineering at the University of Cambridge and another scholar to pursue Philosophy, Politics and Economics at the University of Oxford. We wish all our scholars the best and to make the Bank proud of your excellence. BIS central bankers’ speeches  1
For example, the recent upsurge of capital flows can be a prelude to a number of common shocks to financial stability that can hit in the region in the future. In this environment, a unilateral approach to deal with the issue, through macroprudential policy, can be inefficient and may lead to more volatility as investors engage in regulatory arbitrage  1  Roengpitya and Rungcharoenkitkul (2009) “Measuring Systemic Risk and Financial Linkages in the Thai Banking System”, Bank of Thailand Discussion Paper. 2  BIS Review 143/2010  across different economies. To address this dimension of the challenge, a more coordinated approach to macroprudential measures may be needed. Although steps towards formal coordination have yet to be established, ongoing close cooperation amongst regional economies has already resulted in a number of common platforms through which greater policy coordination can be conducted. For example, the Asean+3 Macroeconomic Research Office (AMRO) to be launched next year is already mandated to conduct economic and financial surveillance across the region. The office will be in a good position to study this type of policy coordination. In the meantime, more discussion among policy makers in the region should be encouraged, as we increasingly are facing common problems that are of a global nature. To this end, I would like to commend Bank Indonesia for organizing this international conference, which contributes tremendously to the region’s discussion and efforts along this line. It is on this note that I would like to end my remark. Thank you. BIS Review 143/2010  3