Going forward, the policy mix will centre on the fiscal prudence and public investment in basic infrastructure and the Bank of Thailand’s commitment to maintaining economic and financial stability. These together should translate into moderate long-term cost of investment financing and sustained economic expansion for Thailand. We live in the global economic and financial environment that is highly uncertain. Policymakers need always to be aware of what is in store for us so that we use the policy room available to craft the right and flexible macroeconomic policy mix that is best suited to changing circumstances. At the same time, with the collaboration of our trade and investment partners, we must remain firmly committed on the national goal of enhancing the economy’s productivity and competitiveness. Thank you for your attention. 6  BIS Review 54/2008
François Villeroy de Galhau: Recovery and resolution of CCPs Opening speech by Mr François Villeroy de Galhau, Governor of the Bank of France, at the Policy conference “Recovery and resolution of CCPs”, Paris, 24 June 2016. *  *  *  I will not comment now on the results of the British referendum. Be only assured that we are mobilised and determined. France has already quite a long history with CCPs. La Caisse de liquidation, based in Le Havre, was the first to provide, in 1882, an insurance against counterparty risk on commodities markets. This history explains why we have a longstanding role as CCP overseer; it gives us also a special interest and commitment to contribute to this policy issue, on which I would like to share a few thoughts. Considering the growing importance for financial markets and financial stability of CCPs, it is our collective responsibility shared among the financial industry and regulators- to maintain a robust network of CCPs. As we strongly believe in the key role of CCPs we must ensure that they never become the next “too big to fail” institutions. The growing importance of CCPs is linked to regulatory changes, but not only. It is also linked to financial disintermediation and changes in the behaviour of market participants, which in both cases are most welcome evolutions. Regulatory changes and the Pittsburgh agenda have been obviously major factors contributing to the systemic importance of CCPs. However, the clearing obligation for OTC derivatives is not the end of the story.