Greater fiscal accountability has allowed the Association of Southeast Asian Nations (Asean) to withstand the shockwaves created by recent global developments, according to the Bangko Sentral ng Pilipinas (BSP). Know more:
GREATER fiscal accountability has allowed the Association of Southeast Asian Nations to withstand the shockwaves created by recent global developments, according to the Bangko Sentral ng Pilipinas .
“And there is, I think, rising accountability because the middle class is growing. That I think in itself will make this region even better,” he added. “The people running the banks were probably the Vice Presidents or the Managing Directors in 1997. So they all knew the memory of the Asian Financial Crisis,” Medalla said in his speech.
However, Asean countries have been vigilant in keeping fiscal authorities well-run, which prevents central banks from falling under pressure to finance shortfalls.Earlier, Medalla told reporters that recent developments such as the collapse of some banks in the United States as well as the recent acquisition of Credit Suisse Group AG by UBS Group AG through a “government-brokered deal” will not have an impact on the global economy, including the Philippines.
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