Financial Crisis Discussions
In 2009, Singapore
hosted and chaired the Asia-Pacific Economic Cooperation
(APEC) process, in particular the APEC Economic Leaders’
Meeting (AELM). This meeting saw the participation
of APEC Ministers and senior officials from 21 member
economies to discuss APEC’s response to the
financial crisis, as well as steps needed to achieve
strong, sustainable and balanced growth in the APEC
region. Arising from the meetings in Singapore, APEC
finance officials agreed to establish a Working Group
on Structural Reforms to identify and study priority
areas of reform and facilitate exchange of best practices
on structural reform measures amongst the APEC economies.
The Working Group is co-chaired by Singapore and Korea.
MAS was also a key partner of the World Bank in jointly
organising the World Bank-Singapore Infrastructure
Summit, which brought together public sector policy
makers, industry leaders and businesses to discuss
new developments and initiatives in regional infrastructure
financing efforts (see Box Story 6).
As the 2009 APEC
Chair, Singapore was invited to participate in the
G20 Finance Ministers and Central Bank Governors meetings
in London and St. Andrews, as well as the 2009 Leaders’
Summit in Pittsburgh, where we contributed our views
and perspectives on the financial crisis to the G20
processes. MAS continues to work closely with other
central banks, prudential regulators and finance ministries
to advance global solutions on a range of macroeconomic
and financial reform issues.
In addition, MAS
and the IMF co-hosted the 3rd High Level Meeting of
regional Finance Ministers, Central Bank Governors,
and Heads of International Financial Institutions.
The meeting was held concurrently with the APEC AELM.
Participants discussed Asia’s role in maintaining
global financial stability, which includes improving
the domestic investment environment and tackling challenges
in shifting the composition of capital flows towards
more stable foreign direct investments (FDI). The
meeting also acknowledged the need to address structural
and investment-related challenges in Asia, and that
global imbalances will only be gradually reduced over
In October 2009,
MAS and the Financial Stability Institute cohosted
a closed door policy forum in Singapore on the theme
“Banking and Banking Regulation: A New Era”.
The forum was attended by 40 senior regulators and
central bankers from Asia, US and Europe. Liu Mingkang,
Chairman of the China Banking Regulatory Commission,
delivered the keynote speech. Forum participants exchanged
views on the causes and lessons from the crisis, and
considered ways to strengthen the regulatory framework.
The challenges of implementing macro-prudential supervision
were discussed, including how procyclicality concerns
could be addressed.