Dutch Central Bank Sale Announcement Imminent? Message Board

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Politics : Dutch Central Bank Sale Announcement Imminent?

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To: Bill Murphy who wrote (6773)	7/14/1999 11:41:00 AM
From: m.philli	Read Replies (1) of 81169

Asia urged to launch joint financial supervisory body [TOKYO] A sia should create a joint financial supervisory body as the first step towards a new regional currency regime, former German Vice Finance Minister Heiner Flassbeck says. "I think the lesson from the Asian crisis now is Asia needs something like a supervisory board...an institute with some academic touch," Mr Flassbeck said in a recent interview with Kyodo News. Mr Flassbeck, who served as Vice Finance Minister from October through March, said the proposed institute would study currency stability in the region and pass on research results to regional governments. The envisaged organisation would also warn against possible market turmoil and ask the governments what action they plan to take to prevent any turmoil from becoming a financial crisis, he said. Mr Flassbeck, who was a close aide to former German Finance Minister Oskar Lafontaine, said the financial supervisory body is needed because the International Monetary Fund (IMF) and other international organisations are not always able to closely watch financial market movements in the region. He said the creation of such a body would lead to closer cooperation in forging a new framework to reduce volatility among the region's currencies. Asked if the proposed body should be set up to provide liquidity to the region to complement the IMF -- mirroring the aborted Japanese initiative to launch an Asian monetary fund -- he said, "You can interpret it that way." The Japanese idea, first forwarded in the fall of 1997, prompted US officials to argue that such a fund would undermine the strict conditions for receiving IMF loans and discourage Asian countries from finding solutions to their problems. -- Bernama-Kyodo

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