ID :
32688
Thu, 11/27/2008 - 23:19
Auther :
Shortlink :
https://www.oananews.org//node/32688
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PRESIDENT: GOVT EFFORT TO OVERCOME CRISIS SHOULD NOT HAMPER MARKET INNOVATION
Jakarta, Nov 27 (ANTARA) - President Susilo Bambang Yudhoyono said government policies to overcome the current financial crisis should not hamper innovations to develop markets.
Speaking at the opening of the third Asian Parliamentary Assembly (APA) meeting at the parliament building here on Thursday, Yudhoyono said the current global financial crisis had happened because innovations and financial product development had exceeded governments' regulatory capabilities.
"It is easy to say that the crisis can be overcome by the issuance of regulations but excessive regulation will only kill the spirit of creativity and innovation to develop markets," the president said.
He said government policies to overcome the crisis should not create new problems which could hamper national economic development.
"What we need at present are more effective regulations. We must have regulations that are in balance with the need for creativity and for markets to develop," Yudhoyono said.
Therefore, he added, a new design for the world's financial system was needed to balance financial market development and regulation.
Commenting on G-20 meeting in Washington DC recently, President Yudhoyono said the meeting was important because it recognized Asia's important role in the global economic order.
The president in his address called on Asian countries to be in the front line of the world's financial system reform because Asia would be the center of world economic growth in the aftermath of economic slowdown in the United States and Europe.
He also called on Asian leaders to make a breakthrough in Doha Round in December 2008.
"A new breakthrough in the Doha Round in December needs political encouragement at the highest level," the president said.
In his address before 210 participants from 25 Asian countries in the Asian Parliamentary Assembly, Yudhoyono expressed optimism that Asia would revive in the 21st century.
Speaking at the opening of the third Asian Parliamentary Assembly (APA) meeting at the parliament building here on Thursday, Yudhoyono said the current global financial crisis had happened because innovations and financial product development had exceeded governments' regulatory capabilities.
"It is easy to say that the crisis can be overcome by the issuance of regulations but excessive regulation will only kill the spirit of creativity and innovation to develop markets," the president said.
He said government policies to overcome the crisis should not create new problems which could hamper national economic development.
"What we need at present are more effective regulations. We must have regulations that are in balance with the need for creativity and for markets to develop," Yudhoyono said.
Therefore, he added, a new design for the world's financial system was needed to balance financial market development and regulation.
Commenting on G-20 meeting in Washington DC recently, President Yudhoyono said the meeting was important because it recognized Asia's important role in the global economic order.
The president in his address called on Asian countries to be in the front line of the world's financial system reform because Asia would be the center of world economic growth in the aftermath of economic slowdown in the United States and Europe.
He also called on Asian leaders to make a breakthrough in Doha Round in December 2008.
"A new breakthrough in the Doha Round in December needs political encouragement at the highest level," the president said.
In his address before 210 participants from 25 Asian countries in the Asian Parliamentary Assembly, Yudhoyono expressed optimism that Asia would revive in the 21st century.
