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OUR MISSION
OUR OBJECTIVES
 
Strengthening Regulatory and Regional
Financial Cooperation
Strengthening Financial
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Promoting Information
Exchange and
Technical Assistance
E MAS IN THE INTERNATIONAL ARENA  
 
Box 17 - Singapore on the World Map –  
IMF-World Bank Annual Meetings  
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  Promoting Information Exchange and
Technical Assistance
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Box 18 – MAS and IMF Jointly Host High - Level Seminar  
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  PROMOTING INFORMATION EXCHANGE AND TECHNICAL ASSISTANCE

Box 18 MAS and IMF Jointly Host High-Level Seminar
 

In September 2005, MAS and the IMF jointly hosted a high-level seminar on regional financial integration. Finance ministers, central bank governors and senior officials from the Asian region as well as from the IMF and the Asian Development Bank, participated in the seminar.

There was strong consensus that financial integration in Asia needed to catch up with real sector integration. At the same time, participants felt that the region should focus on capacity building aimed at strengthening supervisory capacities and domestic financial systems. This would involve training the personnel who are essential to making financial markets work well. Above all, delegates agreed that all economies had to remain outward-looking and connected to the multilateral global system in order to enhance intra-Asia integration.

As a testimony to the success of the seminar, the governors and ministers met again in May 2006.

At the second high level seminar, participants acknowledged the need to further advance regional financial integration in order to channel Asian savings more efficiently to investment projects in the region. On the issue of greater monetary cooperation, participants discussed prospects for a common regional currency framework. They agreed that there were increasing commonalities in their respective monetary policy frameworks. However, they also noted the merits in preserving exchange rate flexibility to better accommodate cross-border flows of funds.

The discussions on issues raised at the seminar will continue at the IMF and World Bank (WB) annual meetings to be held in Singapore this September.