Another is permanent, and like the first should be in the category of a given – namely, good conduct by banks. But the third – the dependence on public money – should not survive, hence the strong focus on developing bank resolution and ending too big to fail. President, we all have our work cut-out. You can take pride in the role of the Institute in supporting the establishment of the Professional Standards Board and their work on the Code of Professional Conduct and the Professional Standards initiative. As a start, I understand that at least 70,000 bank staff will go through the Foundation Standard by the beginning of July this year. This is a big achievement, for which those involved should be proud. There is a lot more to do I know, but let me congratulate Susan Rice, who has led the work, and everyone else involved. Thank you. BIS central bankers’ speeches  5
Prasarn Trairatvorakul: Post-crisis recovery – Asian lessons for Europe Speech by Dr Prasarn Trairatvorakul, Governor of the Bank of Thailand, at the OMFIF Golden Series Lecture, London, 12 September 2012. *  *  *  Distinguished guests, Ladies and Gentlemen, I am honored and delighted to be part of the Golden Series Lecture and would like to thank OMFIF for the kind invitation. Events such as these provide an opportunity for us to exchange views on topical issues that are at the center of international finance and I am keen to learn from the perspective of our audience. Fifteen years ago the Asian crisis forced us to go through painful adjustments and far reaching economic and financial reforms. We had to embrace legal, regulatory and governance reforms, while our business sector had to deleverage and our bankers became much more prudent and risk conscious. Today, the world is witnessing another crisis not dissimilar to ours and I have been asked to share with you some lessons from the Asian financial crisis. This is somewhat ironic as we in Asia look to Europe as a role model and a benchmark in our integration efforts. Individually we are all small states and find it difficult to compete for foreign investment without the attraction of size and economy of scale. So my talk today will be a modest contribution to the current debate on the challenge of post crisis recovery.