As at 9 March 2012, the outstanding amount in the Malaysian bond market was RM899 billion compared to RM301 billion at the end of 2001. This represents a 300 per cent increase over the last decade. Within the region, both Hong Kong and Malaysia have participated actively within the EMEAP Group in promoting regional bond market development initiatives such as the Asian Bond Markets Initiative and the Asian Bond Fund. I am confident that this pilot platform will bring benefits, not only to Hong Kong and Malaysia, but the region as a whole. We envisaged that this pilot platform will increase the efficiency of issuance, investment and settlement of bonds through the increased harmonisation of cross-border processes and standards. We expect this initiative to strengthen the cross-border linkages and facilitate the intermediation of surplus funds within the region. This increase in cross-border flow of funds will further enhance the efficiency in the mobilization of surplus funds to meet the rising investment needs of the region. The implementation of this pilot platform is indeed timely and opportune and, will serve as an important catalyst for further development in linking financial markets within this region. This, I believe, is a development that we should all welcome. Thank you. 2  BIS central bankers’ speeches
Christian Noyer: Fostering economic growth in Europe Introduction by Mr Christian Noyer, Governor of the Bank of France and Chairman of the Board of Directors of the Bank for International Settlements, for the Round Table 3: Bank of France Financial Stability Review “Financing the Economy: New Avenues for Growth”, at the Paris Europlace International Financial Forum, Paris, 20 April 2015. *  *  *  Ladies and gentlemen, The purpose of this third round table is to launch the latest issue of the Banque de France Financial Stability Review entitled “Financing the economy: new avenues for growth” and which basically discusses the need for more market–based financing. I am thrilled to exchange views over this particularly topical issue today in a country that shifted towards market-financing a long time ago and which has a lot to tell us. In the United States, 80% of debt financing takes place in capital markets whereas this proportion is only 20% in the Eurozone. This new edition of our FSR, just like previous ones, brings together contributions from prominent academics, practitioners and policy-makers from all over the world. I warmly thank all the contributors. I cannot mention all of them but Sheila Bair and Barbara Novick among others are with us today. These contributions are very diverse, or even divergent, in their analysis and proposals. This is precisely how we want it to be. It is clear that we don’t necessarily share the views expressed in the articles but we believe in exchanging ideas.