Stage 3: Finalize Vision and Policy Recommendations (January – December 2003)
Based on the above empirical analyses, the Steering Committee finalized three
main visions for the Thai financial system, and further identified areas of improvement
that would help authorities realize those visions. These areas were later subdivided into
core and supporting reform measures. Once the Steering Committee finalized the
strategies and action plans, the entire package was submitted to the Minister of Finance
for approval.5
Upon giving consent to the draft plan, the Minister of Finance then
presented the plan to the Council of Ministers, which formally acknowledged the FSMP
in December 2003.