On November 16-18, the Fifth Financial Stability Institute (FSI) of the Bank of International Settlement (BIS) and the Executives Meeting of East Asia-Pacific Central Banks (EMEAP) High Level Meeting on Banking Supervision was successfully convened in Beijing, with the theme of The Role of Banking and Banking Supervision in Financial Stability.
The conference was jointly organized by FSI and the EMEAP Working Group on Banking Supervision and hosted by the People s Bank of China (PBC). More than 70 representatives from 22 countries and regions, including Governors and Deputy Governors of Central Banks, heads of banking supervision authorities, Chairman of Basel Committee on Banking Supervision, FSI Chairman and relevant officials from commercial banks.
Mr. Josef To ovsk , Chairman of FSI and Mr. Yiu Kwan CHOI, Chairman of EMEAP Working Group on Banking Supervision and Deputy Chief Executive of Hong Kong Monetary Authority presided over the meeting.
PBC Deputy Governor LIU Shiyu, on invitation, briefed the achievements of reform and development of China s financial sector, and the measures taken to stimulate domestic demand, promote economic development and maintain financial stability, explored the lessons drawn from the international financial crisis and expressed his opinions on reforming international financial system and maintaining the stability of international financial market; Mr.
LIU Mingkang, Chairman of China Banking Regulatory Commission, on invitation, delivered a lunch address, analyzing the relationship between innovation and supervision from the perspective of banking supervisors, sharing his opinions on incentive mechanisms of the banking industry and unregulated finance which triggered the international financial crisis, and advocated better cooperation by supervisors of the financial sector worldwide; Mr.
Nout Wellink, Chairman of Basel Committee on Banking Supervision and Governor of the Netherlands Bank, explained the role of banking supervision in financial stability; Mr. Randy Kroszner, Governor of the Board of Governors of the Federal Reserve System, analyzed developments of the ongoing market turbulence and measures taken to tackle the crisis.
The representatives conducted in-depth discussions on the influence of procyclicality on economy and the banking industry, the fragility of institutions revealed in recent market turbulence, international financing during the credit crunch, risk management and compound financial instruments, financial stability and the development of China s financial sector at present and etc.
After 3 days discussion, various parties attending the meeting reached the consensus that all countries should take active actions to handle the international financial crisis, pay attention to the procyclicality in making macroeconomic policies and conducting supervision, continue to strengthen regional cooperation, advance more in-depth communication and give a stronger role and voice to Asian and Pacific countries in setting international rules and regulations.
This meeting marks the first high-level meeting dedicated to financial stability and banking supervision after the conclusion of G20 financial summit and it is of special significance to timely elaborating on the consensus achieved on the financial summit, especially to strengthening and improving banking supervision and maintaining financial stability. (End)
