MAS' International Advisory Panel Discuss Strategies for Singapore's Financial Sector
Singapore, 24 July 2002. The International Advisory Panel (IAP) of the Monetary Authority of Singapore (MAS) met today and discussed a range of issues including global economic prospects, trends and developments in the global financial services industry, and strategies for developing Singapore's financial sector. The IAP, chaired by Mr Lim Hng Kiang, Minister for Health, Second Minister for Finance, and Deputy Chairman of MAS, comprises leading figures from the international financial community. The list of IAP members who attended this year's meeting is attached in Annex 1.
2 On prospects for the US economy, IAP members felt that there were risks to consumer confidence due to the recent sell-off in the stock markets. Despite this, the members felt the US economy should enjoy a modest growth going into the next year on the back of strong economic fundamentals. Efforts in the US to address corporate accounting and governance concerns were seen as positive developments that would help restore investor and consumer confidence.
3 The IAP members noted that consolidation in the financial sector will continue, and that cost containment will remain a high priority for financial institutions. The IAP members agreed that Singapore should continue with its efforts to improve the operating environment including cost competitiveness for international players. Singapore should also leverage on her competitive strengths to build scale in regional and global niches.
4 The IAP members also had meetings with Prime Minister Goh Chok Tong, Senior Minister Lee Kuan Yew and Deputy Prime Minister and MAS Chairman Lee Hsien Loong.
5 Formed in 1998, the IAP advises the MAS on Singapore's financial sector reforms and strategies. Tapping the knowledge and expertise of a distinguished advisory panel gives the MAS a global perspective on financial sector issues, and keeps MAS abreast of market developments and trends in major international financial centres.
MAS IAP Members and Advisors who attended this year's meeting
Mr Gerald Corrigan, Managing Director, Goldman Sachs; Mr John Mack, Chief Executive Officer, Credit Suisse First Boston; Dr Junichi Ujiie, President & Chief Executive Officer, Nomura Holdings; Mr Robert Rubin, Chairman of the Executive Committee, Citigroup; and Mr Tasuku Takagaki, Senior Advisor, Bank of Tokyo-Mitsubishi.