Financial development, indeed, is an integral part of economic development. The relatively small financial market in Thailand means that largescale cross-border activities, especially mergers and acquisition, cannot take place without adversely affecting financial market volatility. Promoting deeper financial market would help facilitate more long-term direct investment that is needed for the economy to upgrade its technological capability. Financial development also entails broader banking and payment issues. For example, diversifying the sources of financing and reducing the degree of dependence on banks, would help the financial system better absorb shocks and improve efficiency of funding. Upgrading the financial infrastructure and payment system is necessary for the economy to reap full benefits from regional trade integration in the new digital age. Implementing financial development is not a straightforward task, and among other things, it is complicated by the need to ensure financial stability. Bigger financial system can increase the system’s fragility, which if left unchecked, could undermine economic development efforts. Financial innovation, in some instances, could encourage risk-taking activity that raises rather than reduces market inefficiencies. These considerations mean that financial development must be accompanied by a robust policy framework that places financial stability as a high priority. This is indeed the practice followed by the Bank of Thailand. Monetary policy On that note, let me briefly discuss the role of the Bank of Thailand in this new environment. Our key contribution to the long-term economic development efforts is to provide a stable macroeconomic and financial backdrop, so that the prosperity can be attained without interruptions.
But the maritime industry has always known this – being able to ride the waves, to adjust course, and to seize the winds makes all the difference not just to success but survival itself. I wish the maritime community all the best as it works together to overcome current challenges, seize new opportunities, and build resilience for the future. Thank you. 1 McKinsey Global Institute (2017). “Jobs lost, jobs gained: workforce transitions in a time of automation”. 2 World Maritime University (2019). “Transport 2040: Automation, Technology, Employment – The Future of Work". 3 This was in partnership with the Singapore Exchange, Global Compact Network Singapore, Institute of  Singapore Chartered Accountants, and sustainability consultants from EY, KPMG, and PwC Singapore. 7/7  BIS central bankers' speeches