ASEAN+3 aims to intensify financial safety
Financial ministers and central bank governors from ASEAN member nations and Japan, China and the RoK have agreed to enhance a financial safety network for the region to prevent possible crises.
Illustrative image (Source: straitstimes.com)At the 19th ASEAN+3 Finance Ministers’ Meeting in Frankfurt, Germany on May 3, the officials vowed to use all necessary policy tools – monetary, fiscal and structural - to promote sustainable and inclusive economic growth.
The Joint Statement issued at the meeting said among such policy measures, ASEAN+3 member states will flexibly deploy policies to strengthen growth, create jobs and foster innovation, while enhancing resilience and ensuring debt sustainability.
Participants committed to promoting economic reforms, monitoring capital flows and risks stemming from capital flow volatility, and responding appropriately to the changing economic environment.
On the sideline of the meeting, financial officials from China, Japan and the RoK reaffirmed their commitment to structural reforms to enhance productivity and growth in the region.
The meeting in Frankfurt came as the US dollar plunged after the Bank of Japan kept its monetary policy unchanged despite expectations for new measures to stimulate economic growth.
ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.-VNA
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