Upbeat on East Asia-Pacific (The Straits Times)
CENTRAL bankers and monetary authorities at the recent Executives’ Meeting of East Asia-Pacific Central Banks (EMEAP) said they expected the region to remain resilient in the face of an uncertain global economic outlook and eventual normalisation of financial conditions.
During the transition, central banks will continue to pay close attention to shifts in both supply- and demand-side factors to ensure price stability and support sustainable growth in the medium term. As economic restructuring proceeds in the region, productivity performance should pick up.
The 20th EMEAP meeting was held in Singapore last Saturday. It was chaired by Mr Ravi Menon, managing director of the Monetary Authority of Singapore (MAS).
The governors noted the report of the 48th EMEAP Deputies’ Meeting held in Phuket, Thailand, in April. They discussed the progress made in a spectrum of EMEAP projects in the areas of banking supervision, financial markets, payment and settlement systems and information technology.
The governors also discussed updates from the Monetary and Financial Stability Committee on its surveillance and research activities. The governors agreed that as economic and financial linkages in the region became increasingly extensive, the EMEAP’s role in facilitating closer collaboration would become even more important.
Bank Indonesia will host the next meeting next year.
The EMEAP is a cooperative forum of 11 central banks and monetary authorities in the East Asia and Pacific region. They are the Reserve Bank of Australia, the People’s Bank of China, the Hong Kong Monetary Authority, Bank Indonesia, the Bank of Japan, the Bank of Korea, Bank Negara Malaysia, the Reserve Bank of New Zealand, Bangko Sentral ng Pilipinas, the MAS and the Bank of Thailand.