Let us start with the very criticisms levelled today at the multilateral economic order, and at what has been called the "Washington Consensus". It was economically sound, but socially too weak. Globalisation has often been felt to have mainly benefited large corporations – and their tax evasion. Inequalities between countries – notably between the North and the  Page 5 of 10  South – have fortunately decreased; those within countries have increased. And your generation is demanding that we guarantee the protection of the planet. Behind these criticisms are often our very European values. This echoes the work of many researchers who highlight the diversity of capitalist models and seek to correct their excesses. vii I am thinking in particular of Marie-Laure Djelic, co-Dean of the Sciences Po School of Management, viii of Michel Aglietta who denounces the "excesses of financial capitalism" ix or of Dani Rodrik who highlights the dysfunctions of liberal capitalism. x At the beginning of the 1990s, Michel Albert theorised "Rhenish capitalism". xi Jean-Dominique Sénard is now calling for “responsible capitalism” in Europe. Europe, if it is bold enough, is in a good position to provide concrete answers to the expectations of the world's citizens. The new Commission, led by Ursula von der Leyen, has the means to achieve this ambition. In my view, the "European model" is articulated around four requirements: the fight against inequalities, the promotion of individual autonomy through education and knowledge building, the preservation of the climate, and the renewal of multilateralism.
Apart from the internal push, ASEAN exchange linkage under the vision of AEC is taking place this year to allow global investors to trade ASEAN blue chip stocks at lower costs through a single platform. This initiative will ultimately raise the visibility of ASEAN capital market and continue to attract more capital flow. To sum up, as economic integration and upgrade of efficiency and competitiveness is key to our development, Thailand’s financial system is geared to facilitate this process. To do so, financial liberalisation will play a key role, with contribution by ASEAN banks as well as foreign banks operating in this region. Ladies and gentlemen, I would like to reiterate that with solid economic strengths and a wide-ranging development in Thailand’s financial system, the Thai economy will continue to be resilient in the face of the dismal global outlook. The BOT is fully committed to sound monetary policy conduct and financial-sector development via the Financial Sector Master Plan as well as play a supporting role in Capital Market Development Master Plan. Let me end my remark by thanking the British business community for substantial contribution to our economy. Your contribution will not only strengthen our long history of economic partnership but also bring economic prosperity to both Britain and Thailand. I very much hope that the mutually beneficial ties between British and Thailand will blossom into the future. Thank you  BIS central bankers’ speeches  3