Globalization of financial services<\/p>\n
In the midst of efforts to consolidate financial and banking
\nservices in this country, the need for our financial services to
\nbe prepared to enter the era of globalization is becoming
\nincreasingly urgent. This is all the more true since leaders from
\nthe G-7 countries have already been urging that all World Trade
\nOrganization member countries come to an agreement on a
\nliberalization of financial services by the end of this year.<\/p>\n
The trend toward globalization has become stronger since an
\naccord was reached during the Uruguay Round of talks held in the
\nframework of GATT (1994), which gave birth to the WTO. This trend
\nis being further enforced by the APEC countries, which are
\nstriving for the establishment of a free and open trade area in
\nthe Asia-Pacific, and by the AFTA countries, which are intent on
\ncreating a similar area in the ASEAN region beginning in 2003.
\nClearly, various developments on the international scene indicate
\na drift toward the coming into being of an integrated world
\neconomy, which includes financial services.<\/p>\n
It should be realized that any macro monetary policies can
\nonly be effective if they are supported by a healthy and solid
\nbanking\/financial industry, as well as a safe and efficient
\npayment system. And that isn't all. Globalization also calls for
\na mental switch on the part of those who must implement those
\npolicies in order that a positive synergy may be achieved and
\ngood business ethics established as we anticipate the coming into
\nbeing of a clean government with authority.<\/p>\n
-- Bisnis Indonesia, Jakarta<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/globalization-of-financial-services-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }