ID :
183335
Fri, 05/20/2011 - 12:35
Auther :
Shortlink :
https://oananews.org//node/183335
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Global stability hinges on how to deal with capital volatility: finance minister
SEOUL, May 20 (Yonhap) -- Global economic stability hinges on how to deal with capital volatility, South Korea's top economic policymaker said Friday, emphasizing the importance of staving off excessive capital flows to attain sustainable growth.
In his opening speech for the annual meeting of the European Bank for Reconstruction and Development under way in Kazakhstan, Finance Minister Yoon Jeung-hyun noted that South Korea is ready to share its know-how learned from its own crises with the regional lending body in handling future chaotic situations.
"Having gone through the recent global financial crises, we came to learn that the most urgent task should be to better deal with capital volatility to ensure recipient countries' economic growth and further global economic stability," Yoon told the meeting in a prepared speech e-mailed by the finance ministry here.
"For recipient countries... success and failure in coping with excessive volatility of capital flows will determine whether they can sustain robust economic growth," he added.
Yoon attends the EBRD meeting as a chair. Titled "Asia Meets Europe," the meeting kicked off on Friday for a two-day run in the Kazakh capital of Astana, bringing together representatives of 61 member countries and major global financial institutes.
Yoon reminded the participants of South Korea's past experiences in overcoming the Asian financial crisis and the latest one in late 2007, saying that the nation has a lot to share with EBRD member countries to help them cope with market turbulence and achieve economic growth.
"By overcoming the past two financial crises and developing capital markets in such a short period of time, Korea was able to accumulate valuable know-how in handling distressed assets, managing external debt and developing bond markets," he said.
"We remain committed to sharing our past experience with recipient countries through the Knowledge Sharing Program (KSP)," he said, referring to the program that Seoul launched in 2004 to offer policy consulting to developing countries.
Earlier, Yoon signed a memorandum of understanding with EBRD President Thomas Mirow to seek cooperation under the KSP program.
Meanwhile, regarding the EBRD's global role, Yoon urged the bank to provide support for "transformations" under way in the Middle East and North Africa.
"I believe that the EBRD should consider how we can support the recent transformations in the Middle East and North Africa to provide a new opportunity and to make a stepping-stone for solid growth," he said.
In his opening speech for the annual meeting of the European Bank for Reconstruction and Development under way in Kazakhstan, Finance Minister Yoon Jeung-hyun noted that South Korea is ready to share its know-how learned from its own crises with the regional lending body in handling future chaotic situations.
"Having gone through the recent global financial crises, we came to learn that the most urgent task should be to better deal with capital volatility to ensure recipient countries' economic growth and further global economic stability," Yoon told the meeting in a prepared speech e-mailed by the finance ministry here.
"For recipient countries... success and failure in coping with excessive volatility of capital flows will determine whether they can sustain robust economic growth," he added.
Yoon attends the EBRD meeting as a chair. Titled "Asia Meets Europe," the meeting kicked off on Friday for a two-day run in the Kazakh capital of Astana, bringing together representatives of 61 member countries and major global financial institutes.
Yoon reminded the participants of South Korea's past experiences in overcoming the Asian financial crisis and the latest one in late 2007, saying that the nation has a lot to share with EBRD member countries to help them cope with market turbulence and achieve economic growth.
"By overcoming the past two financial crises and developing capital markets in such a short period of time, Korea was able to accumulate valuable know-how in handling distressed assets, managing external debt and developing bond markets," he said.
"We remain committed to sharing our past experience with recipient countries through the Knowledge Sharing Program (KSP)," he said, referring to the program that Seoul launched in 2004 to offer policy consulting to developing countries.
Earlier, Yoon signed a memorandum of understanding with EBRD President Thomas Mirow to seek cooperation under the KSP program.
Meanwhile, regarding the EBRD's global role, Yoon urged the bank to provide support for "transformations" under way in the Middle East and North Africa.
"I believe that the EBRD should consider how we can support the recent transformations in the Middle East and North Africa to provide a new opportunity and to make a stepping-stone for solid growth," he said.
