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EMEAP Governors Noted the Growth Prospects and Resiliency of Regional Economies

07.31.2002

The Governors of 11 central banks/monetary authorities in the East and Asia and Pacific region met in Kuala Lumpur, Malaysia on 27 July 2002. This is the 7th meeting of the Governors under the EMEAP (Executives’ Meeting of the East Asia and Pacific Central Banks) umbrella since the inaugural meeting in Tokyo in July 1996 intended to strengthen cooperation among EMEAP members on central banking operations and policy issues. The meeting was attended by the Governors and Managing Directors of the following central banks: Reserve Bank of Australia; People’s Bank of China; Hong Kong Monetary Authority; Bank Indonesia (Deputy Governor); Bank of Japan; Bank of Korea; Bank Negara Malaysia; Reserve Bank of New Zealand (Acting Governor); Bangko Sentral ng Pilipinas; Monetary Authority of Singapore; and Bank of Thailand.

The Governors discussed regional and global economic and financial developments. The Governors noted the potential for further increases in intra-ASEAN trade and its impact on the growth prospects of the EMEAP economies. The Governors also noted that the regional economies are now more resilient in view of the substantial progress reached in economic, corporate and financial restructuring. The Governors agreed that the EMEAP economies need to sustain the ongoing efforts to strengthen their respective financial sectors in the face of uncertainties and risks that continue to test the durability of the international financial system including the Brazilian debt problem and the corporate accounting scandals in the US.

The Governors affirmed that the role of the EMEAP as an organization should continue to focus on the core business of central banks/monetary authorities that are of immediate relevance to the region. As such, EMEAP will continue to initiate practical, high-quality policy-oriented research projects on economic and financial developments and issues, and will continue to strengthen policy dialogues with other international bodies including the BIS and the IMF.

The EMEAP Governors also met with Prime Minister Mahathir to exchange views on issues of common interest in the region.

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