In addition, regional financial cooperation such as the Credit Guarantee and Investment Facility (CGIF) and the Asian Bond Markets Initiative (ABMI) could also help support the development of local bond markets. 10. To sum up my remarks, the process of strengthening financial markets and enhancing their capacity to absorb large long-term development projects is a longdrawn process in which the commitment of public sector alone cannot guarantee success. Of course, the public sector must fulfill its integral role in creating a supportive regulatory framework and in distributing public goods so that economic benefits can be enjoyed and shared by social participants through the whole range of the income spectrum. 3  Gross national savings in 2012 of 32 Asian countries is approximately 7.14 USD trillion (Countries used in calculation include China, Japan, South Korea, Singapore, Thailand, Indonesia, Malaysia and others) from IMF Source; WEO  2  BIS central bankers’ speeches  However, private entities must collaborate with the public sector and step in to bridge current financing gaps and take part in the structural reform process. Ladies and gentlemen, 11. In light of our historical background, we, as part of the GMS community, have shared long-lasting prosperity throughout the Mekong River areas. Looking ahead, it will be our future that needs more commitments and a more united aspiration from each of us to move forward together as a cohesive region. The opportunities ahead are apparent, if we can transform each member countries’ strengths into regional competitiveness, these opportunities can be multiplied.
(3)  Allan Greenspan in his latest paper “The Crisis” wrote about the reasons for it:  a. “it was the global proliferation of securitized, toxic U.S. subprime mortgages that was the immediate trigger of the current crisis”. But, he says: “the roots of the crisis reach back, as best I can judge, to the aftermath of the Cold War”. Later he explains actually the large increase of the aggregate demand which came from, formerly the third world nations, especially China, which replicated the export-oriented model of the so-called Asian tigers, argumenting it with data that “the savings rate of the developing world soared from 24% of nominal GDP in 1999 to 34% in 2007, far outstripping its investment rate”. b. that “subprime mortgages in the United States for years had been a small appendage to the broader U.S. home mortgage market, comprising only 7% of total originations as recently as 2002”...that “most such loans were fixed-rate mortgages, and only a modest amount had been securitized...” that “..,. starting in late 2003, began to accelerate the pooling and packaging of subprime home mortgages into securities...” that “subprime mortgages securities outstanding in 2007 totaled more than 900 billion USD, a more than sixfold rise since the end of 2001”. c. that “a classic euphoric global bubble took hold”, “that by 2007, yield spreads in the overall debt markets hаd narrowed to a point where there was little room for further under pricing of risk”.