ADB calls for regional economic integration.
Global Banking News-8 July 2008-ADB calls for regional economic integration(C)2008 ENPublishing - http://www.enpublishing.co.uk
Global Banking News - 08 July 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
The Asian Development Bank Asian Development Bank
A financial_institution established in 1966 to reduce poverty in the Asia-Pacific region. The bank is headquartered in Manila, Philippines and consists of 61 member countries. (ADB (Apple Desktop Bus) A low-speed serial bus for connecting keyboards, mice and other input devices on Apple IIgs and Macintosh computers. Starting with the iMac in 1998, the ADB was superseded by USB. ) (ADB.UL) has said that deeper regional economic integration in Asia is vital to sustaining growth and managing risks in the region, reports Xinhua News.
In a new study, ADB reportedly said that Asian economies need to boost their ties through closer dialogue and policy coordination in order to take full advantage from increased regional interdependence. According to the bank, Asia was less integrated in finance than in trade but financial markets have become larger, deeper, and more sophisticated than they were a decade ago.
'Asian regionalism re·gion·al·ism
a. Political division of an area into partially autonomous regions.
b. Advocacy of such a political system.
2. Loyalty to the interests of a particular region.
3. can be a stabilising factor when shocks arise,' ADB said. 'The region faces a challenging period ahead as global payment imbalances appear increasingly unsustainable as the financial turmoil unfolds and global economic slowdown deepens,' it noted.
The Manila-based bank also called for the creation of new regional institutions such as an Asian Financial Stability Forum and an Asian Secretariat for Economic Cooperation to improve regional macroeconomic mac·ro·ec·o·nom·ics
n. (used with a sing. verb)
The study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors. surveillance enabling financial stability and economic prosperity.
[Editorial queries for this story should be sent to firstname.lastname@example.org]
((Distributed via M2 Communications Ltd - http://www.m2.com))