As I indicated earlier, EMU is leading to more integrated financial markets. In the absence of national monetary policies, this accentuates the need of joint systems and standards for financial oversight. It also increases the need of readiness for the joint management of financial crises. Work in this field is now in progress in a variety of fora. Concluding remarks Internationalisation in general, with growth in trade and factor mobility, has brought the EU member states closer together and increased their interdependence. Politically motivated changes such as the internal market and the new monetary union have served to promote this trend. BIS Review 102/2000  4  As regards government finances, various processes, including a system of sanctions, have been set up to test national policies. This is because of the risk that individual member states would otherwise be able to pursue a policy that could harm the others. Processes have also been established in other policy areas to highlight key issues in the European debate, to point to good examples and to exert peer pressure. This should not be belittled: we know from Swedish experience that comparative analysis and in-depth debate can push things in the desired direction. So what should we expect in the future? I have briefly touched on a number of situations where cooperation and coordination could lead to a better EU policy.
Atchana Waiquamdee: Brief look at financial market indicators Opening remarks by Dr Atchana Waiquamdee, Deputy Governor for Monetary Stability, Bank of Thailand, at the Workshop on Financial Market Indicators, Bangkok, 7 June 2007. *  *  *  Good morning, and allow me to welcome you to Bangkok, and to this morning’s Workshop on Financial Market Indicators. The issue we are about to discuss today, namely the use financial indicators, itself is not a new topic. Especially in more developed financial markets, the use of financial indicators has been integral to the well-functioning of markets. In those cases, utilizing financial market indicators in the policy-making process is nothing new. In many of the emerging markets of Asia, however, this has not been the case. Financial indicators in the emerging markets have been more difficult to come by, and even much more difficult to interpret – due largely to gaps in market development. Yet, as the financial markets of Asian economies began to gather both depth and breadth, more and more financial market indicators are becoming readily available for policy use. Since the availability of the indicators in emerging markets is rather recent and the fundamental conditions in these markets are still very dissimilar to those of the more matured ones, the use of financial market indicators in emerging markets for policy purposes merits much thought and attention. So what exactly are we talking about when referring to financial market indicators?