{
    "success": true,
    "data": {
        "id": 1279901,
        "msgid": "asean-told-to-step-up-financial-reforms-1447893297",
        "date": "2000-09-08 00:00:00",
        "title": "ASEAN told to step up financial reforms",
        "author": null,
        "source": "AFP",
        "tags": null,
        "topic": null,
        "summary": "ASEAN told to step up financial reforms SINGAPORE (AFP): Asian governments were told Thursday to step up the pace of reform, to strengthen financial regulatory frameworks and align monetary policies with fiscal measures. Substantial progress has been made but \"much more needs to be done,\" Singapore's Second Minister for Finance Lim Hng Kiang told the opening of the (ASEAN) Economic Associations annual conference here.",
        "content": "<p>ASEAN told to step up financial reforms<\/p>\n<p>SINGAPORE (AFP): Asian governments were told Thursday to step<br>\nup the pace of reform, to strengthen financial regulatory<br>\nframeworks and align monetary policies with fiscal measures.<\/p>\n<p>Substantial progress has been made but \"much more needs to be<br>\ndone,\" Singapore's Second Minister for Finance Lim Hng Kiang told<br>\nthe opening of the (ASEAN) Economic Associations annual<br>\nconference here.<\/p>\n<p>\"We need to press on and prepare our financial systems for the<br>\nchallenges of the future,\" Lim said.<\/p>\n<p>In the so-called new economy, \"the role of financial<br>\nintermediaries will be greatly amplified,\" he said, after the<br>\n1997 regional meltdown highlighted the inability of Asian<br>\nmonetary authorities to adjust to changes in global financial<br>\nmarkets.<\/p>\n<p>\"Central banks can no longer think of monetary policy as<br>\nmerely the adjustment of monetary policy instruments or<br>\nintermediate targets,\" he said.<\/p>\n<p>\"Monetary policy needs to operate within a framework of<br>\nconsistent macroeconomic policies, and be supported by strong<br>\neconomic institutions.\"<\/p>\n<p>Governments needed to be aware that monetary policies will<br>\nonly be successful in creating economic stability if they are<br>\ncomplemented by a sound fiscal policy.<\/p>\n<p>\"Monetary policy cannot bear the burden of macro stability<br>\nalone,\" Lim said.<\/p>\n<p>\"Investors worldwide are getting more sophisticated.<\/p>\n<p>\"If they judge that a country has chosen the wrong policies,<br>\nthat fiscal and monetary policy are at odds with each other,<br>\ntheir judgment will be swiftly reflected in the markets.\"<\/p>\n<p>Lim told delegates from the Association of Southeast Asian<br>\nNations (ASEAN) Economic Associations that Asian central banks<br>\nneeded to devote more resources to monitoring their economies so<br>\na \"pre-emptive monetary policy\" can be implemented effectively.<\/p>\n<p>\"With the advent of the new economy, we can expect changes in<br>\nunderlying structural relationships,\" he said.<br>\n\"It is crucial that we anticipate such changes and fine-tune our<br>\nmonetary policy formulation and strategy accordingly.\"<\/p>\n<p>Central banks need to have an \"open\" communications channel<br>\nwith the financial markets so that the policies of the former are<br>\nnot misinterpreted, Lim said.<\/p>\n<p>\"In this way, the financial markets are more likely to respond<br>\nin the intended manner and not negate the central bank's<br>\nannouncements.\"<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/asean-told-to-step-up-financial-reforms-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}