Saturday, May 5, 2012

Reform of international financial safety nets a must

The system of international financial safety nets needs to be reorganised to ensure sufficient liquidity to combat systemic crises, an Asian Development Bank (ADB) seminar heard today.
The seminar, Reforming International Financial Safety Nets, took place at ADB’s 45th Annual Meeting of the Board of Governors. “International and regional financial safety nets have become much more important in an era of globalised financial markets and volatile capital flows,” said ADB chief economist Changyong Rhee. “To enable developing Asia to ride out financial storms, what is needed is a new, flexible system that is truly international and adequately financed.”
Speakers at the seminar, co-sponsored by the International Monetary Fund (IMF) and Philippines Central Bank, emphasised that reform of the international financial system had become more pressing since the 1997–98 Asian financial crisis to prevent localised crises from spreading to the global economy. The crisis prompted ASEAN+3 countries to launch the Chiang Mai Initiative (CMI) in 2000 to provide emergency liquidity. The initiative began as a bilateral currency swap facility, but after the 2008-09 global economic crisis it grew into a multilateral facility, the Chiang Mai Initiative Multilateralisation (CMIM).
On May 3, ASEAN+3 announced a doubling of the CMIM to $240 billion and an increase in the amount countries can access without IMF conditionalities. The network of financing arrangements, however, remains a work in progress, as seen by the numerous reforms since the 2008-09 crisis, the audience heard. The challenge is to find a solution that provides the needed support to countries without giving rise to undue risk, such as the IMF lending facilities targeted to
countries with a track record of sound policies.
Panelists discussed how the current system could be reformed and what role existing and new regional financing mechanisms would play. Other issues touched upon included how reforming international financial safety nets could lead to progress on important global macroeconomic issues and how reform would affect exchange rate policy and international capital flows.


Anonymous said...

Great write-up, I am normal visitor of one’s website,
maintain up the

excellent operate, and It is going to be a regular visitor for a
long time.
Here is my blog ; okai barcelona tours

Anonymous said...

I know this if off topic but I'm looking into starting my own blog and was wondering what all is

required to get set up? I'm assuming having a blog
like yours would cost a pretty penny? I'm not very

internet smart so I'm not 100% sure. Any suggestions or advice

would be greatly appreciated. Cheers
Here is my blog

Anonymous said...

Hello.This article was really fascinating,

since I was looking for thoughts on this topic last

My website -

Anonymous said...

magnificent post, very informative. I wonder why the other specialists of this sector do not realize this.

You should continue your writing. I am confident, you have a huge readers'

base already!
Look into my web page : best paying jobs spain

Anonymous said...

Howdy just wanted to give you a quick heads up and let you know a few of the

images aren't loading correctly. I'm not sure why but I think its a linking issue.
I've tried it in

two different internet browsers and both show the same results.
Feel free to visit my web blog : HTTP://–-gn-community-wiki

Anonymous said...

Hiya, I am really glad I have found this info.
Nowadays bloggers publish only

about gossips and internet and this is actually irritating.
A good blog with exciting content, that's what I need. Thanks for

keeping this site, I will be visiting it. Do you do newsletters? Can't

find it.
Also visit my weblog -

Anonymous said...

Good day I am so excited I found your website, I really
found you by error, while I was searching on Yahoo for something

else, Regardless I am here now and would just like to say cheers for a tremendous
post and a all round interesting blog (I also love the theme/design), I don’t have time to look over it all at the
moment but I have bookmarked it and also

included your RSS feeds, so when I have time I will be
back to read a great deal more, Please do keep
up the excellent work.

Here is my website spain kyoto target

Anonymous said...

I appreciate, cause I found just what I was looking for.
You have ended my 4 day long hunt! God

Bless you man. Have a nice day. Bye

Feel free to surf to my website;

Anonymous said...

Fantastic goods from you, man. I've take note your stuff

prior to and you're simply too great. I really like what you have got here,

really like what you're saying and the way in which through which you are saying it. You make

it enjoyable and you continue to care for to keep it sensible. I can not wait to read far more from you. That is actually a

wonderful web site.

My blog post uk agents selling property abroad

Anonymous said...

I loved as much as you will receive carried out right here.
The sketch is attractive, your authored

material stylish. nonetheless, you command get bought an shakiness

over that you wish be delivering the following.
unwell unquestionably come more formerly again as exactly

the same nearly very often inside case you shield this increase.

Here is my blog;

Anonymous said...

Aw, this was a very nice post. In thought I would like
to put in writing

like this moreover - taking time and precise
effort to make a very good article…

but what can I say… I procrastinate alot and by no means appear to get one thing done.

Also visit my web blog ...

Anonymous said...

An interesting dialogue is worth comment. I feel that
it's best to write extra on this

subject, it may not be a taboo subject but usually persons are not sufficient to talk on such topics. To the next. Cheers

my blog ... poligono cantabria ii

Anonymous said...

I'm typically to blogging and i really recognize your content. The article has actually peaks my interest. I am going to bookmark your

website and keep checking for brand new information.

Here is my web site; zhauns property

Anonymous said...

Thanks , I have just been searching for information about this topic for ages
and yours is the best I've discovered till now. But, what about the

conclusion? Are you sure about the source?

my web site;

Anonymous said...

you are really a good webmaster. The website loading
speed is incredible. It seems that

you are doing any unique trick. In addition, The contents are masterpiece.
you have done a great job on this topic!

Also visit my webpage; net tv premium

Anonymous said...

Wow! This can be one particular of the most beneficial blogs We've ever arrive across

on this subject. Actually Magnificent. I am also a

specialist in this topic therefore I can understand your effort.

my website :: dominica real estate

Anonymous said...

Write more, thats all I have to say. Literally, it seems as
though you relied on the video to make your point.

clearly know what youre talking about, why throw away your
intelligence on just posting

videos to your site when you could be giving us something informative to read?

Also visit my homepage ::

Anonymous said...

The following time I read a weblog, I hope that it doesnt
disappoint me as much as this one. I imply, I do know it was my option to learn,
but I

truly thought youd have one thing interesting to
say. All I

hear is a bunch of whining about something that you can repair in the event you werent too busy looking for attention.

Feel free to surf to my website - chatgambler.Com

Anonymous said...

Thanks a lot for sharing this with all of us you actually
know what you are talking about!

Bookmarked. Kindly also visit my site =). We could have a
link exchange

arrangement between us!

Here is my web blog vgp golden beach holidays