Moreover, nor can we forget that an independent agency’s efficiency is not impervious to its surroundings. Accordingly, to preserve the independence and prevent overload of these institutions, it must be recognised that their performance also depends on actions taken in other economic policy areas.6 Monetary policy is an evident example of this, especially in a monetary union such as ours in which the single monetary policy coexists with each country’s own macroeconomic policies. Indeed, the governance of Economic and Monetary Union recognises the need for the single monetary policy to be accompanied by fiscal and structural policies consistent with economic stability. With this goal in mind, a wide range of coordination and supervision mechanisms have been put in place, such as the Stability and Growth Pact (SGP) and the Macroeconomic Imbalance Procedure. Such considerations are also applicable to other areas of activity of independent institutions, such as financial stability and banking supervision in the case of the Banco de España. Indeed, these considerations justify central banks’ frequent calls for an appropriate economic policy mix. And it is in this framework of assurance of economic stability that citizens and politicians should place declarations by the independent monetary authority on economic policy conduct in general. In this respect, as I indicated earlier, the functions of the Banco de España include advising the Government and producing reports and studies. The present crisis provides us with a good example. The robust monetary policy actions of the ECB, necessary as they were, would have been insufficient had it acted alone.
The Thai economy continues to expand at a good pace with merchandise exports and tourism so far being the main drivers of growth. Although growth benefits have not spilled over to other segments of the economy as much as we would like to see, domestic demand is improving and we expect a more robust and more balanced GDP growth this year. On a longer horizon, Thailand is undergoing major transformation with the emergence of several promising economic platforms and the ongoing transition towards a new era of digital financial and payment services, all of which will unlock Thailand’s economic potential, uplift productivity, and bring about more inclusive growth. The Thai government and the Bank of Thailand, in its various capacities, are committed to making these achievements possible. Thank you very much for your attention. 10/10