Source link – Reserve Bank of Australia

The 26th EMEAP[1] Governors’ Meeting was held via video conference on 12 August 2021.
The meeting was attended by Governors of EMEAP member central banks and monetary authorities, as well as
senior representatives from the International Monetary Fund and the Board of Governors of the Federal
Reserve System. The meeting was hosted by Philip Lowe, Governor of the Reserve Bank of Australia, as
this year’s Chair of the EMEAP Governors’ Meeting.

Governors discussed the asynchronous nature of the global recovery and the implications for economic
policy. They exchanged views on recent COVID-19 outbreaks and developments
in financial conditions. Members also discussed the extent of inflation pressures across the region and
whether those pressures are likely to persist. Governors also exchanged views on communication
challenges faced by central banks through the crisis and recovery, and strategies to meet these
challenges.

Member central banks have continued to meet frequently via video conference over the past year amid the
ongoing challenges presented by the pandemic. Governors reaffirmed the importance of EMEAP as an
effective forum for strengthening regional cooperation and engaging in policy dialogue.

During the meeting, Governors reviewed the reports of recent EMEAP work. They welcomed the recent
agreement on promoting green bond investment through the Asian Bond Fund,[2] and the
progress of EMEAP projects on banking supervision and resolution, financial markets, payments and market
infrastructure, and information technology. Governors also discussed updates by the Monetary and
Financial Stability Committee (MFSC) on its observations of economic and financial market developments,
as well as developments in sustainable finance and cross-border payments.

Governors welcomed the Bank of Korea’s offer to host the 27th EMEAP Governors’
Meeting in 2022.




Source link – Reserve Bank of Australia