They danced a happy jig while they decorated their balance sheets with cheaper debt and improved their margins and earnings per share  4  BIS central bankers’ speeches  through share buybacks. Slowly they began to hire new workers, and the ship of the economy started gathering momentum to steam along at an improved clip. As Act IV came to an end, the FOMC evaluated the utility of its navigational tactics, and having tentatively decided that it was on course to its desired destination, began cutting back on the amount of fuel it was pumping into the financial system. Initially, it fumbled the dialogue, but eventually the articulation of its intention was accepted, if not applauded, by its audience. Now we have entered Act V. Not until the final scene will we know whether we have achieved the auspicious outcome of arriving at the desired port of an economy that grows sufficiently to bring about full employment without giving rise to inflation. With Shakespeare, the most pleasant plays typically end in marriage. The happy outcome to our economic predicament would entail the marriage of sensible fiscal policy with prudent monetary policy, carrying the American economy to new horizons, allowing the Fed to emerge a hero. One can envision less-pleasant outcomes, however, some of them tragic.
By forging public-private partnerships amongst various stakeholders including policymakers, international organisations and the private sector, ADRFI will play a key role in forging a robust and comprehensive disaster risk financing strategy in the region. This will help to strengthen ASEAN’s disaster risk resilience, and move our economies onto a sustainable and inclusive growth path. Conclusion 21. In conclusion, climate change and natural catastrophes are clear and present dangers in ASEAN. We must act quickly to fortify our economies by adopting a comprehensive disaster risk financing strategy. This is a complex undertaking, but we can solve this together through regional collaboration and knowledge sharing. ADRFI Phase 2, providing a focal point for regional cooperation in disaster risk financing, marks a significant milestone in our journey towards enhancing ASEAN’s disaster risk resilience. 22. Singapore, along with our ASEAN counterparts, remains strongly committed to protecting our societies against the effects of natural disasters. I am pleased that NTU is contributing to this significant initiative in many ways, and we look forward to the strong commitment and support from our public and private partners. 23. Thank you. 1 Global Climate Risk Index 2019 2 ACDM comprises the national emergency authorities. SCDF is Singapore’s representative. 3 Thailand, Malaysia, Myanmar, Philippines and Singapore. 4 Insurance Development Forum (IDF) is a public-private partnership led by the insurance industry, United  Nations and World Bank, and aims to enhance the use of insurance to build greater resilience for people, communities and businesses, and public institutions that are vulnerable to disasters.