Australian treasurer to press case for stronger regulation at IMF meeting
8/10/2008 17:04
Australian Treasurer Wayne Swan said in Canberra today he would press the
case for strengthening prudential regulation when he attends annual meetings of
the International Monetary Fund and World Bank in the United States this
week.
In a statement to the press, Swan said, "these meetings come at a
critical time for the world economy, as upheaval on global financial markets
underscores the need for concerted international action to tackle the underlying
causes of the crisis."
"The global nature of recent economic challenges - as
highlighted by yesterday's Reserve Bank decision - makes it all the more
important that Australia is engaged at the highest levels to help build these
effective global responses."
The Reserve Bank of Australia cut its official
cash rate by one percentage point yesterday.
Swan, who is to leave for the
United Sates later today, said he would urge the adoption of Prime Minister
Kevin Rudd's reform program aimed at strengthening prudential regulation.
"I
will also be highlighting the significant strengths of the Australian economy,
including our strong budget position, strong terms of trade, well-regulated
financial system as well as the government's program of investment in critical
economic infrastructure."
Swan will meet with key central bankers,
ministerial counterparts, senior US Administration officials, the IMF managing
director, the World Bank president and financial market participants during his
trip to the Unites Sates.
Xinhua
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