Ladies and Gentlemen, Looking forward, Thailand has no other choices but to embrace the force of globalization. This means that we have to continue to integrate our economy to the global economy and world financial markets. And a closer cooperation with economies in the region would then be a vital factor that will help strengthen the overall recovery and enhance the potential of Thailand in the global stage. This is why we continue to engage in free trade agreements both on a bilateral and multilateral basis, for example, the ASEAN Free Trade Agreement (or AFTA) that should facilitate intra-regional trade and technological development. And at the same time, we also need to prepare ourselves for the coming volatilities in the flow of capital. As of noon today, our Chiang Mai Initiative Multilaterization (CMIM) will be in effect to provide the swap lines  4  BIS Review 41/2010  of foreign exchange liquidity for the ASEAN+3 countries during periods of liquidity or balance of payments distress. I am certain that these closer integration and cooperation will be critical for our success together as a region in new global economy after the crisis and Thailand is looking forward to working with the Asian communities and especially with Japan, one of Thailand’s closest friends and economic partners, in achieving our potential. Thank you for your attention. BIS Review 41/2010  5
A Platform for Innovation Speech given by Mark Carney, Governor Bank of England  Remarks at Innovate Finance Global Summit, London Monday 29 April 2019  I am grateful to Eleanor Connolly and Jen Nemeth for their assistance in preparing these and to John Jackson, Richard Lewis, Tom Mutton and Oliver Thew for background research and analysis. 1  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  Introduction A century ago, John Maynard Keynes resigned as a delegate to the Paris Peace Conference over his concerns about the scale of reparations in what would become the Treaty of Versailles. He returned home to write The Economic Consequences of the Peace. In that seminal work, Keynes marvelled that before the war: “The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth… [or] adventure his wealth in the natural resources and new enterprises of any quarter of the world that fancy or information might recommend.” Such global trade and portfolio management were made possible by new technologies ranging from the telegraph to the first transatlantic cable. Replace “telephone” with “tablet” and “tea” with “turmeric latte” and you have not the start of the Twentieth Century but of the Twenty First. The second great wave of globalisation is cresting. The Fourth Industrial Revolution is just beginning. And a new economy is emerging driven by immense changes in technology, the reordering of global economic power, and the growing pressures of climate change.