Annual Report 2001/2002

International Policy Dialogue and Economic Surveillance

With the global slowdown and greater economic uncertainty, MAS continues to be in close consultation with other central banks and regulators. In the Financial Stability Forum, which brings together central bankers and regulators from the G-7 and selected financial centres, including Singapore, MAS participated in active
discussions on vulnerabilities in the international financial system.

MAS keeps its neighbours updated on the latest economic developments in Singapore, through economic surveillance discussions at regional fora such as the Executives’ Meeting of East Asia-Pacific Central Banks (EMEAP), Manila Framework Group and ASEAN and ASEAN+3 Finance process.

MAS hosted the 36th Southeast Asia Central Banks (SEACEN) Governors Conference in June 2001 with the theme of “Financial Sector Reforms in a Globalised Economy: Issues for Financial Stability in Asia”. Mr Andrew Crockett, General Manager of the Bank for International Settlements (BIS), delivered the keynote address. With the hosting of the Governors’ Conference, MAS also assumed chairmanship of the SEACEN Board of Governors for 2001-2002. MAS also hosted the International Monetary Conference back-to-back with the SEACEN Governors Conference.

MAS was also co-host to the first Joint EMEAP Forum-Gold and Foreign Ex-change Committee Meeting with the BIS Representative Office for Asia and the Pacific in July 2001. The meeting discussed recent developments in foreign exchange markets, and structural changes re-shaping these markets. Further to the above, MAS hosted and chaired the 4th ASEAN Insurance Regulators Meeting in August 2001. The meeting discussed various initiatives such as human resource training and development for ASEAN insurance markets, enhancing the regulatory frameworks of member countries through greater adoption of the IAIS Insurance Core Principles and Standards. The issue of the establishment of a Scheme of Compulsory Motor Vehicle Insurance to provide compensation to victims of road accidents caused by foreign transit vehicles passing between ASEAN countries was also discussed.

[MAS in the International Arena] [International Relations] [Anti -Money Laundering Efforts] [Information Exchange, Bilateral Dialogue] [International Policy Dialogue] [Global Free Trade and Agreements] [Relations with IMF] [Standard-Setting and Innovation]

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