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Press Releases

Third Hong Kong Monetary Authority Distinguished Lecture

The third Hong Kong Monetary Authority (HKMA) Distinguished Lecture took place today (Thursday). The Keynote Speaker was Mr Jean-Claude Trichet, Governor of the Banque de France. Dr Donald Brash, Governor of the Reserve Bank of New Zealand, was the Discussant.

Speaking on the subject "Risks and Challenges of the International Financial Scene," Mr Trichet offered his perspective on the reform of the international financial architecture. He also stressed the contributions of the European Monetary Union towards monetary and financial stability.

Mr Trichet identified five key measures for strengthening the financial systems of emerging economies against external shocks. These include the adoption of the Basle Core Principles for Effective Banking Supervision; deposit insurance schemes; policies to encourage foreign direct investment; adoption of "liquidity-at-risk" policy; and policies to discourage excessive short-term foreign borrowing.

On the promotion of efficient functioning of global markets, Mr Trichet said that full and reliable transparency for all, including both public and private sector entities, would be the most effective measure for countering dangers arising from the "herd instinct" of market participants. Mr Trichet emphasised the importance of designing and implementating internationally agreed standards for ensuring effective transparency at the international level and urged that ways should be found to involve the private sector more effectively in crisis resolution.

Mr Trichet said that the success of the euro would encourage a balanced international monetary system. Mr Trichet emphasised that the euro was built upon the legacy of the best European currencies and that the policy pursued by the European Central Bank was one of price stability and currency solidity in a steady medium and long-term perspective. The euro thus had a clear potential for a stronger external value.

Dr Brash echoed Mr Trichet's views on reforming the international financial architecture reform. He also considered that the most productive focus for international and national economic reforms lay in the four key areas of strengthening financial markets, reducing vulnerability to short term capital flows, promoting greater transparency at all levels, and involving private creditors in debt resolution arrangements. Dr Brash said that modern economies were inherently complex and there was no "one size fits all" approach or magic solution to the reform of the international financial architecture.

In his opening remarks, Mr Joseph Yam, Chief Executive of the Hong Kong Monetary Authority said: "The crises over the past two years have taught us that, no matter how well maintained the domestic financial environment may be, serious problems persist in what has proved to be an increasingly volatile international financial system. These problems cannot be resolved by individual economies on their own. Regional and international co-operation is clearly necessary for reforming the existing international financial architecture, which has failed to keep pace with the globalisation of financial markets and with technological innovation."

The HKMA Distinguished Lecture was first launched in December 1996. The aim of the HKMA Distinguished Lecture is to provide a forum for the local financial community to hear and exchange views with influential figures from the international financial community. Today's event was attended by over 500 participants.

 

Hong Kong Monetary Authority

8 July 1999

Last revision date: 1 August 2011
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