The Monetary Authority of Singapore (MAS) organised a Roundtable discussion themed "Global-Asia Dynamics" today to mark its 40th Anniversary. A select group of 30 central bankers, industry leaders and academics participated in the Roundtable to share global perspectives and regional experiences.
The Roundtable was hosted by Deputy Prime Minister and Chairman, MAS, Tharman Shanmugaratnam. Two broad topics were discussed at the Roundtable.
At the first session on “Global Macroeconomics and Asia”, chaired by Managing Director, MAS, Ravi Menon, participants gave their views on how changes in the global economic and financial environment over the short to medium term would affect Asia. Participants discussed the implications of the deleveraging process in the advanced economies, where governments, banks and households have to reduce high levels of debt. They also discussed the global rebalancing process, which involves a shift in the engine of global demand from the advanced economies to emerging economies. They acknowledged the challenges that Asian policymakers faced in securing economic and financial stability while sustaining growth, in the face of these two driving forces.
The second session on “Asia in the New Financial Landscape” was chaired by Ng Kok Song, Group Chief Investment Officer, Government of Singapore Investment Corporation (GIC). Participants discussed the new set of challenges, risks and opportunities for Asian financial institutions arising from the ongoing industry restructuring and regulatory reforms. They also noted the importance of developing Asian capital markets given changes in the global financial landscape.
Commenting on the proceedings, Managing Director, MAS, Ravi Menon said, “The Roundtable provided a great opportunity for a frank exchange of views among a diverse group from different backgrounds and different geographies. The discussion surfaced quite cogently the interconnected nature of global problems. Asia is not immune to the problems in Europe, and financial sector adjustments cannot be divorced from macroeconomic adjustments.”
Deputy Prime Minister and Chairman, MAS, Tharman Shanmugaratnam noted, “The discussion brought to the fore the importance of political will and leadership in pushing ahead with decisive solutions to the challenges facing the Eurozone and the global economy today.”