Bankers express concerns on economic impact
Eleven senior bank executives “attend” the 25th EMEAP meeting
MANILA – The second session of the 25th Executives’ Meeting of Asia-Pacific Central Banks Governors was held yesterday via video conference. The Governors were accompanied by senior representatives of from the International Monetary Fund and the Bank for International Settlements.
The meeting was hosted by Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, this year’s Chair of the EMEAP Governors’ Meetings.
The Governors exchanged views on the regional economic outlook and long term implications of the COVID-19 pandemic. They agreed that the economic and financial market impact of the pandemic brought significant challenges to policymakers.
The EMEAP has identified prevailing and potential risks and vulnerabilities and the long-term structural changes that need to be implemented in the regional economies. They also had the change to exchange views on how policymakers should adjust policies and support regional economies by facilitating the necessary economic restructuring that require allocation of resources in an efficient and effective manner.
They also shared experiences of their own journeys towards greater digitalization and practical ways to enhance their capabilities to utilize technology in their central banking.
The member central banks have been in close collaboration throughout the financial market stresses this year. They reaffirmed the importance of EMEAP as an effective platform for continuous policy dialogues, strengthening regional cooperation, and formulating a regional perspective that informs and facilitates discussions at global events. They vowed to continue to play an active role in pursuing regional cooperation among central banking institutions to keep financial stability and support economic recovery.
They welcomed updates provided by the Monetary and Financial Stability Committee (MFSC) on its market surveillance and research activities which include initiative in big data and sustainable finance.
The Governors received warmly the Reserve Bank of Australia’s offer to host the 26th EMEAP Governors’ Meeting next year.
EMEAP is a cooperative forum composed of central banks and monetary authorities in East Asia and Pacific Region including the Reserve Bank of Australia, People’s Bank of China, Hong Kong Monetary Authority, Bank Indonesia, Bank of Japan, Bank of Korea, Bank Negara Malaysia, Reserve Bank of New Zealand, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore and Bank of Thailand. (Melo M. Acuña)
Picture of the delegates who attended the 25th EMEAP Governors' Meeting Party II. (Contributed Photo by Bangko Sentral ng Pilipinas)