It also has involved cooperation in not only the areas of surveillance and harmonisation of rules and regulations, but also the assessment of risks to the region and the building of regional financial safety nets. Finally, allow me to say something about the current environment. While Asia has not been immune from the effects of the turbulence and upheavals taking place in the different parts of the world, the region has been able to demonstrate time and again the ability to manage a swift rebound. Factors that have contributed to this resilience is not so much what we have done in response to the development but it is what we have done previously that prepared us to manage these developments. We have been better able to absorb and intermediate the financial turmoil and turbulence, while the series of financial reforms we have implemented have also increased our flexibility and produced better price and exchange rate adjustments. This has been reinforced by our sound macroeconomic fundamentals and the policy space we have to manage the implications of these challenging developments. Looking ahead, there is much to be done by all of us. I have always said that the business of Central Banking is an unfinished business. There will always be new challenges on the horizon. In Asia, while we have successfully prepared ourselves for the current environment, we now need to prepare ourselves for the future.
It has been a great privilege for me to be part of this Central Bank community. 4  BIS central bankers’ speeches