The International Monetary Fund (IMF) opened a high-level conference on Macro-Prudential Policies: Asian Perspectives in Shanghai on October 18th, 2010. The conference was attended by IMF Managing Director Dominique Strauss-Khan, First Deputy Managing Director John Lipsky, Special Advisor to the Managing Director Zhu Min, as well as Governor Zhou Xiaochuan and Deputy Governor Yi Gang of the People s Bank of China (PBC).
The seminar was held in the context of current global financial crisis prompting countries to review their macro-economic policy framework. With the outbreak of crisis, international community widely recognized that more considerations should to be given to the objective of financial stability when making policies and employ necessary macro-prudential policy and tools to achieve it.
The seminar analyzed the institutional arrangements of the macro-prudential policy framework, discussed the various macro-prudential instruments that could be employed to mitigate systematic risk and pro-cyclicality, reflected on the macro-prudential policies in addressing capital flow from the perspectives of country experience, and explored the role of central bank in the macro-prudential policy framework.
About 80 high-level representatives from IMF member economies, international financial institutions and academia attended the seminar.
