President Rajapaksa has said that the global economic crisis had taught many lessons that varied across nations. All countries learnt both common and individual lessons, from this crisis, which left behind a trail of serious damage across nations and shook the very foundations of the financial structure of the world.
In his inaugural address to the 49th South East Asian Central Bank Governors ’ Conference he said it is therefore, clear that if they are to safeguard the world economy in the future, they would need to build a new financial order and a model that will better equip them to face crises of this nature.
The President said that in this endeavour a lot of attention has been paid to regulate and supervise financial institutions which are considered to be “too big to fail.” This is indeed commendable, since the fall of global financial institutions damages the international financial structure in a permanent manner. By the same token, he said it is also necessary for the worldwide financial community to focus upon the management of economics that have a global impact and therefore have become “too big to fail.”
In his address, Central Bank Governor Ajith Nivard Cabral pointed out that the Central Bank successfully guided the country’s economy, during many challenging periods.
The event is being organised at the Central Bank Auditorium. Central Bank Governors from countries such as Singapore, Thailand, China, Papua New Guinea, Cambodia, Indonesia, Korea, Mongolia, Pakistan and Nepal, are taking part in this two day Conference which will end tomorrow.