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04/02/2010 : Regionalism and reform of the global monetary & financial system - What role for the European Union and East Asia?

The Asian Development Bank Institute, the European Institute for Asian Studies, and the European Commission held a conference "Regionalism and reform of the global monetary & financial system - what role for Europe and Asia?", on 4 February 2010.

Scope of the seminar

Heads of State and Government from Asia and Europe agreed at their latest summit in Beijing, 2008, to cooperate in a pragmatic manner to overcome the global financial crisis and restore sound, sustainable economic growth. This conference examined what has been achieved since then in Europe and Asia and what can be achieved before the ASEM-8 Summit, which will take place in Brussels in October 2010.

This event brought together high-level academics and policy officials from Asia and Europe to take stock of developments and to analyse how the two regions could cooperate more effectively to reform the monetary and financial system at global and regional levels.

Both regions have much in common. Europe and Asia are emerging from the worst global financial and economic crisis since the Great Depression. Both have suffered from a steep decline in trade. The regions face similar challenges at the regional level, such as further increasing regional integration, providing financial assistance to hard-hit economies, reforming regulation of financial markets.

To ensure a sustainable recovery, Europe and Asia need not only to implement the appropriate polices in their own region, but also work together to find solutions to improve the stability of the global monetary and financial system. Despite the crisis, the economic ties between Asia and Europe remain strong and are expected to increase significantly.

Conference papers and presentations

Session 1: Regional Monetary Arrangements

Topic 1: Role of the euro in the global financial crisis
  • Presenter: Dr. Jean PISANI-FERRY, Director, Bruegel - slidespdf(625 kB) Choose translations of the previous link 
  • Discussant: Dr. MO Wangui, Economic official, Mission of the People's Republic of China to the European Union
 Topic 2: Quest for a regional monetary framework in East Asia
  • Presenter: Dr. KAWAI Masahiro, Dean and Chief Executive Officer, Asian Development Bank Institute - slidespdf(291 kB) Choose translations of the previous link  and paperpdf(197 kB) Choose translations of the previous link 
  • Discussant: Mr. Moreno BERTOLDI, Head of Unit Economies of America and Asia, IMF and G7/8, DG ECFIN - slidespdf(125 kB) Choose translations of the previous link 

Session 2: Regional Financial Framework for Balance of Payments Assistance & Surveillance

Topic 1: The multilateralisation of the Chiang Mai Initiative
  • Presenter: Dr. Chalongphob SUSSANGKARN, Distinguished Fellow, Thailand Development Research Institute, Former Finance Minister of Thailand - slidespdf(382 kB) Choose translations of the previous link  and paperpdf(617 kB) Choose translations of the previous link .
  • Discussant: Mr. LEE Myung Soon, First Secretary (Ministry of Strategy and Finance), Embassy of the Republic of Korea
 Topic 2: Financial facilities for Member States in the EU
  • Presenter: Mr. Paul KUTOS, DG ECFIN, European Commission - Slidespdf(220 kB) Choose translations of the previous link 
  • Discussant: Dr. Zsolt DARVAS, Research Fellow, Bruegel

Session 3: Regional Financial Regulation & Supervision

Topic 1: New regulation and supervision for EU financial markets
  • Presenter: Mr. Benjamin ANGEL, Head of Unit Economic Aspects of Regulatory Policy, DG ECFIN, European Commission - slidespdf(2 MB) Choose translations of the previous link 
  • Discussant: Mr. Karel LANOO, Chief Executive Officer, CEPS
Topic 2: Regulation of Financial Markets in East Asia
  • Presenter: Dr. Miranda GOELTOM, Professor of Economics, University of Indonesia and Former Governor, Bank of Indonesia - slidespdf(8 MB) Choose translations of the previous link  and paperpdf(170 kB) Choose translations of the previous link 
  • Discussant: Dr. Peter WOLFF, Head of Department World Economy and Development Financing, German Development Institute - slidespdf(29 kB) Choose translations of the previous link 

Session 4: Reform of the Global Monetary System and the Euro

Topic 1: EU Perspective
  • Presenter: Dr. Cinzia Alcidi, Research Fellow, CEPS - slidespdf(757 kB) Choose translations of the previous link 
  • Discussant: Dr. Brigid GAVIN, Senior Economic Advisor, European Institute of Asian Studies
Topic 2: Perspective from East Asia
Topic 3: Asian perspective on IMF reform & beyond
  • Presenter: Dr. HE Fan, Assistant Director, Institute of World Economics and Politics, Chinese Academy of Social Sciences, Beijing - slidespdf(62 kB)
  • Discussant: Dr. Srinivasa MADHUR, Senior Director of the Office of Regional Economic Integration, Asian Development Bank.

 

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Contact

For any queries, please contact Mr. Gertjan Driessen, the conference organiser, by e-mail .

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