East Asia-Pacific region to remain resilient, say central bankers and monetary authorities

Singapore - 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 normalisation 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.

The 20th EMEAP meeting was held on May 30. It was chaired by Mr 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.

Governors also discussed updates from the Monetary and Financial Stability Committee (MFSC) on its surveillance and research activities. Governors agreed that as economic and financial linkages in the region became increasingly extensive, EMEAP's role in facilitating closer collaboration would become even more important.

Bank Indonesia will host the next meeting in 2016.

EMEAP is a cooperative forum of eleven central banks and monetary authorities in the East Asia and Pacific region comprising the Reserve Bank of Australia, the People's Bank of China, the Hong Kong Monetary Authority, Bank Indonesia, the Bank of Japan, the Bank of Korea, Bank Negara Malaysia, the Reserve Bank of New Zealand, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore and the Bank of Thailand.