Integrating financial Asia
Region should improve policy consultation and strengthen regulatory capabilities to promote an economic community
It is encouraging that the Association of Southeast Asian Nations (ASEAN) is progressing on an ambitious plan to build up an integrated economic community by 2015. This community will include a free trade and investment market, a common visa regime for professional workers and the liberalization of capital flows. I believe that regional financial cooperation and integration are crucial to how effectively the plan will be implemented.
With its population of 620 million and gross domestic product of $1,800 billion forecast for this year, ASEAN has achieved an average annual GDP growth of 6-7 percent over the last decade, becoming one of the world's most dynamic economic regions. However, financial cooperation in this region lags well behind trade and economic development.