ASEAN bank cooperation<\/p>\n
The agreement reached among the central banks of five ASEAN
\ncountries concerning swap transactions underscores their
\ncommitment to come to each other's assistance in case problems
\noccur. This is an old commitment, but it has become highly
\nrelevant after the current monetary disturbances in the region.<\/p>\n
But this agreement in the monetary field needs to be bolstered
\nby efforts to bring greater overall order to the economies of the
\ncountries involved. Inflationary pressures and deficits in their
\ncurrent accounts will affect those countries' capital flow and
\nexert pressure on their respective currencies. The agreement,
\ntherefore, should ideally lead to the attainment of a balance
\nthat will enable each country involved to keep pace with others.<\/p>\n
In the case of Indonesia, for example, our dependence on
\nSingapore's services sector is still quite considerable, which
\naffects our efficiency in international trade. Our deficit in
\nthis sector is still formidable and is showing no signs of
\nabating. The government does have an agenda for cooperation in
\nthe framework of ASEAN, but any discernible vigor to indicate
\nthat we are ready to anticipate a future of greater freedom and
\nopenness in this region, seems to be missing. A framework for
\nsystematic and coordinated effort by the government and private
\nsector is a basic necessity and is important to avoid confusion
\nand even misunderstanding.<\/p>\n
What is needed from the government is a clear-cut policy and
\nan openness in cooperating with the private sector to anticipate
\ngreater competition in this region. Our aspiration, after all, is
\nnot merely to survive, but to win this competition.<\/p>\n
-- Bisnis Indonesia, Jakarta<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/asean-bank-cooperation-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }