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ADB calls for regional economic integration.

Global Banking News-8 July 2008-ADB calls for regional economic integration(C)2008 ENPublishing -

Global Banking News - 08 July 2008(c)2005 - Electronic News Publishing -

The Asian Development Bank (ADB) (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 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 surveillance enabling financial stability and economic prosperity.

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Publication:Global Banking News (GBN)
Date:Jul 8, 2008
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