The 14th Executives' Meeting of East Asia-Pacific Central Banks (EMEAP)1 Governors' Meeting was held in Hong Kong on 21-23 July 2009. Eleven EMEAP member central banks and monetary authorities participated in the Meeting. Mr Joseph YAM, Chief Executive of the Hong Kong Monetary Authority (HKMA), chaired this Meeting.
The Governors exchanged views on the implications of latest public finance and government debt conditions for monetary policy. They also discussed possible reforms of the international financial system to address the pro-cyclicality of the regulatory framework and their implications for EMEAP economies. The Governors noted the report of the 36th EMEAP Deputies' Meeting and received updates from the Monetary and Financial Stability Committee. They discussed progress made in the areas of cooperation covering financial markets, banking supervision, payment and settlement systems and information technology in the region.
The Governors cordially accepted the offer of the Reserve Bank of Australia to host the 15th EMEAP Governors' Meeting in 2010.
The Governors expressed their appreciation to the HKMA for its warm hospitality and the excellent arrangements for the Meeting.
23 July 2009
1 EMEAP is a co-operative forum of 11 central banks and monetary authorities in the East Asia and Pacific region comprising the Reserve Bank of Australia, the People's Bank of China, the Hong Kong Monetary Authority, Bank Indonesia, the Bank of Japan, the Bank of Korea, Bank Negara Malaysia, the Reserve Bank of New Zealand, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore and the Bank of Thailand.