Interviews
Regional economic cooperation to deepen in Asia
11 Mar '08
3 min read
Mr. Kuroda said that Asia remained much more integrated in trade than in finance, and it remained more financially integrated with the global economy than with itself. Looking ahead, the continued support to developing local currency bond markets would channel the region's savings into productive investment. He also said that the region needs to create a financial stability dialogue gathering top finance, central bank and regulatory officials.
Mr. Almunia outlined the main policy agenda for Europe for the next decade. To secure the success of EMU and to continue to reap its substantial benefits, Europe would have to redouble its efforts to improve the functioning of its markets. This would also require more effective governance of EMU, both domestically and internationally, so as to improve coordination and the decision making process.
Mr. Kuroda said Asia would be affected by a slowdown in global growth, but the region's exports remained robust and domestic demand was on the upswing. But he warned that inflation, spurred by high energy and food prices, and continued capital inflows would limit policy options for monetary authorities.
One of Asia's challenges is to manage its growing exposure to external shocks and create an environment in which regional linkages can continue to deepen. Asia's emerging regionalism and dialogues, Mr. Kuroda concluded, would help prosper not only Asia but the global economy.
Mr. Almunia concluded the conference by pointing to a report he will present in early May marking the 10th anniversary of the decision to launch the euro. That report would offer analysis and reflection on the first decade of EMU and on the main challenges Europe would face in the coming years. Such analysis could also serve as a stimulus for further discussions among European and Asian leaders in the context of an ever stronger partnership.
Mr. Almunia outlined the main policy agenda for Europe for the next decade. To secure the success of EMU and to continue to reap its substantial benefits, Europe would have to redouble its efforts to improve the functioning of its markets. This would also require more effective governance of EMU, both domestically and internationally, so as to improve coordination and the decision making process.
Mr. Kuroda said Asia would be affected by a slowdown in global growth, but the region's exports remained robust and domestic demand was on the upswing. But he warned that inflation, spurred by high energy and food prices, and continued capital inflows would limit policy options for monetary authorities.
One of Asia's challenges is to manage its growing exposure to external shocks and create an environment in which regional linkages can continue to deepen. Asia's emerging regionalism and dialogues, Mr. Kuroda concluded, would help prosper not only Asia but the global economy.
Mr. Almunia concluded the conference by pointing to a report he will present in early May marking the 10th anniversary of the decision to launch the euro. That report would offer analysis and reflection on the first decade of EMU and on the main challenges Europe would face in the coming years. Such analysis could also serve as a stimulus for further discussions among European and Asian leaders in the context of an ever stronger partnership.
Asian Development Bank
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