Eighth SAARCFINANCE Governors’ Symposium hosted by the Reserve Bank of India focus on Financial Stability Issues
Eighth SAARCFINANCE Governors’ Symposium was hosted by the Reserve Bank of India at Kumarakom, Kerala, India on June 10, 2011. Governors of central banks of Afganistan, Bhutan, India, Nepal, and Sri Lanka deputy governors of central banks of Bangladesh and Pakistan and Executive Director of Maldives participated in the symposium.
The theme for this year’s Symposium was “Financial Stability Issues”. Given that financial stability has acquired the centre stage of public policy debate since the global crisis, with animated discussions seeking clarity on the role of central banks, particularly monetary policy, the theme was thought to be appropriate.
The main objective of SAARCFINANCE forum is to share experiences on macroeconomic policy issues among member countries of the South Asian region. Following were the key messages of the eighth SAARCFINANCE Governors’ Symposium.
1. Irrespective of the nature of the mandate, central banks will have to assume greater responsibility for financial stability.
2. Crisis prevention frameworks need to be strengthened in every country.
3. The approach to reforms, going forward, must seek to balance the “growth and efficiency gain” goals on the one hand with “growth and equity goals” on the other.
4. Since national policies at times may not be adequate in a globalised world, voice of the countries in the region in global governance may have to be collectively raised.
5. Global safety nets and global surveillance would have to be seen as an integral part of financial stability initiatives.
6. Financial sector development requires a cautious approach but without stifling innovations, as financial markets remain incomplete in the South Asian Association for Regional Cooperation (SAARC) region.
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