World Economy

East Asia-Pacific Region to Remain Resilient

East Asia-Pacific Region to Remain ResilientEast Asia-Pacific Region to Remain Resilient

Central bankers and monetary authorities at the recent Executives' Meeting of East Asia-Pacific Central Banks (EMEAP) said they expected the region to remain resilient in the face of an uncertain global economic outlook and eventual normalization of financial conditions.

During the transition, central banks will continue to pay close attention to shifts in both supply- and demand-side factors to ensure price stability and support sustainable growth in the medium term. As economic restructuring proceeds in the region, productivity performance should pick up. AsiaOne News reported.

The 20th EMEAP meeting was held on May 30. It was chaired by Ravi Menon, managing director of the Monetary Authority of Singapore (MAS).

The governors noted the report of the 48th EMEAP deputies' meeting held in Phuket, Thailand in April. They discussed the progress made across a spectrum of ongoing EMEAP collaborative projects in the areas of banking supervision, financial markets, payment and settlement systems and information technology.

Not many observers of regional affairs will know that it was the late Lee Kuan Yew who gave the much-needed push for the establishment of the Shangri-La Dialogue, the annual defense summit that will kick off its 14th edition Sunday night.

In 2001, Dr. John Chipman, the director-general of the International Institute for Strategic Studies (IISS), had a brainwave – compared to Europe, Asia did not have a defense forum which involved meetings of more than two defense ministers. So he sought the advice of Lee, who curtly answered: "Give it a go."

Fourteen years on, the dialogue has come a long way. It also bears Lee's imprimatur, given that the themes he espoused still resonate today.