Coordination and cooperation among ASEAN countries must be further enhanced to ensure that prompt remedial actions can be put in place should a crisis occur. Ladies and Gentlemen, In closing, I would like to reiterate that it is important for ASEAN’s economic and financial stability that ASEAN central banks continue, individually and collectively, to increase the effectiveness of their policy instruments through domestic reforms of markets and financial systems as well as communication efforts with markets and one another. In this spirit, I am reminded of how ASEAN has risen over the years to common challenges. History has recorded ASEAN as an exciting region second to none. While rich in diversity, ASEAN has always been united in bringing about successful solution to tackle our common challenges. ASEAN, itself, was formed forty years ago against the backdrop of political and security threats to the region. In addition, ASEAN Free Trade Area, or better known as AFTA, was created sixteen years ago to ensure that ASEAN together reap benefits from greater trade liberalization under the WTO. Going forward, with sustainable growth and development of ASEAN at stake, I have no doubt that we will be able to jointly find ways to overcome the present difficult global environment and together continue to prosper. Thank you. BIS Review 134/2008  3
General Meeting of the OCBF 17 June 2022 Economic and financial situation and outlook in the context of the war in Ukraine Speech by Denis Beau, First Deputy Governor  Ladies and gentlemen, I am delighted to be with you today on the occasion of your Annual General Meeting. Last year, I spoke before you about the outlook for the euro area economy in the wake of the health crisis. Since then, new lockdowns in China and especially the war in Ukraine have created new shocks for the European economy and financial system. Today, I would like to share with you our analysis, at the Banque de France and the ACPR, of the outlook and the resulting short-term, macroeconomic and subsequent macrofinancial risks, which guide our actions as a central bank and supervisor in our mission to preserve monetary and financial stability. I will end my remarks with the longer-term challenges we collectively face, associated with climate change and the digitalisation of finance, which should not be overshadowed by the war in Ukraine and its consequences. These challenges still require resolute and immediate action from all of us, and in this context I will say a few words about the role we can play as supervisors and central bankers to help banks in their transition to a sustainable economy and digitalised finance. 1.