In turn, as supervisors on the Basel Committee have been developing standards for the disclosure of components of capital, for loan accounting, and for other topics of mutual concern, we have sought out the views of representatives of the accounting profession. This dialogue will continue. I should add that we are currently seeking new opportunities for discussion on issues of mutual concern with accounting standards-setting bodies and private sector accounting professionals. Current status & future work for the Basel Committee  I know that you are eager to know where the Committee stands at the moment. As I suggested, the Committee and its member organisations are closely reviewing all of the comment letters received so far. Working groups have been discussing potential refinements to the proposals to address the concerns raised during the consultation. The Committee itself will meet tomorrow. Our agenda is straightforward: we will evaluate the industry’s views and consider the solutions proposed by the Committee’s working groups. No conclusions are foregone at this stage. The members of the Committee are in agreement that our primary responsibility is to develop an agreement that is sensitive to risk, forward-looking, and fit for the service of twenty-first century banking. But we are also conscious of the need to avoid unnecessary burden and to provide the industry with as much certainty as possible.
Prasarn Trairatvorakul: Economic transformation and inclusive growth in frontier economies Welcome and opening remarks by Dr Prasarn Trairatvorakul, Governor of the Bank of Thailand, at the conference on “Economic transformation and inclusive growth in frontier economies”, jointly organized by the International Monetary Fund (IMF) and the Japan International Cooperation Agency (JICA), Bangkok, 28 January 2013. *  *  *  Ministers and Central Bank Governors, Distinguished guests, Ladies and Gentlemen, 1. It gives me great pleasure and honor to welcome each and every one of you to Thailand, and more specifically, to the Conference on “Economic Transformation and Inclusive Growth in Frontier Economies”. This event is the second in a series of conference jointly organized by the International Monetary Fund (IMF) and the Japan International Cooperation Agency (JICA). 2. The topic of the conference is timely and relevant to current developments in the region. Frontier economies are new and becoming large markets. They all have the potential to grow into tomorrow’s emerging economies. In recent years, we witness faster economic growth in frontier economies than larger emerging economies. We have seen frontier economies integrate into the regional and global economy. 3. Frontier economies are full of potential. However, continued efforts on strengthening policy frameworks are still needed. This is to ensure long term economic growth and sustain robust economy. And I believe that today’s conference will contribute to these efforts as we will share and learn the appropriate lessons of others. One can leap jump the process, without repeating the mistakes.