You want to set up an Asian financial institute. What would it do and why is it necessary?
Look at the domestic markets, at different levels of development - we need to find concrete ways to help all countries at the lower level to move forward. We can if first we know what the impediments are and second someone tells them what needs to be done to clear up the impediments. Of course, it has to be done gradually and with national agendas in mind. Unless we have a channel where we can involve the political process the effort may be futile.
At the moment there are a lot of overlaps. The subject has been talked about quite widely now and a lot of people have wanted to help. We could end up with duplicates or worse - reports sitting on the shelf. That's why we are looking at a process that has to survive five to seven years - that's how long it will take. Take our case. We had a problem with the tax regime that prevented the private retail market in Thailand taking off and also hampered the development of interest rate hedging.