ASEAN shouldn't wait for next crisis: SBY

Susilo Bambang Yudhoyono has urged ASEAN economic policymakers to delve into matters critical to the advancement of finance cooperation within the region, and to produce tangible steps toward building a strong and sustainable economic community.

In his opening speech marking the opening of the 15th ASEAN finance minister's meeting, in Nusa Dua, Bali, on Friday, Yudhoyono proposed three key priorities for ASEAN in 2011 in regard to these issues.

The first priority, he said, is ensuring significant progress and the implementation of the ASEAN community. For ASEAN finance ministers this implies building on progress in financial services liberalization, capital market development and management of capital flows.

The second priority is to be more cohesive and competitive in maintaining ASEAN’s role as a driver for East Asia-wide regionalism and architecture.

After the East Asian financial crisis of late 1997, finance ministers and central bank governors had already put into place an ASEAN plus three mechanism on macroeconomic policy coordination and surveillance, bilateral swap agreements and a regional reserves pooling scheme under the Chiang Mai Initiative.

The third priority, Yudhoyono said, is for ASEAN to contribute to global agreements and governance, particularly in strengthening of engagement with emerging global forums, such as the G20.

ASEAN nations can also serve as “agents of change” that drive progress and development in many areas of cooperation within the region, including in financial cooperation, food and energy security, financial inclusiveness or equitable growth, he said.