PRESS RELEASE

High-level Seminar between the Eurosystem and Executives’ Meeting of East Asia-Pacific Central Banks

9 November 2005

The European Central Bank (ECB) hosted on 8 and 9 November in Frankfurt the second High-level Seminar between the Eurosystem – i.e. the ECB and the national central banks of the euro area – and the Executives’ Meeting of East Asia-Pacific Central Banks (EMEAP) – cooperative organization comprising the central banks and monetary authorities of Australia, People’s Republic of China, Hong Kong S.A.R., Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore and Thailand. The Seminar was attended by governors from both EMEAP and Eurosystem national central banks and by the President, Vice-President and Members of the Executive Board of the ECB. The purpose of the seminar was to exchange views on issues that are relevant to both the euro area and the East Asia-Pacific region, and to deepen relations between EMEAP and the Eurosystem.

The Governors discussed the need to move towards more balanced global growth patterns, reviewing recent developments and related policy issues both in the euro area and the Asia-Pacific region. They also assessed the experience of these two regions with multilateral macroeconomic and financial surveillance. They finally considered the process of cross-border financial integration at the global level as well as within the Asia-Pacific region and the euro area.

The Governors considered the seminar particularly useful and insightful. They expressed all their thanks to the host as well as to Bank Indonesia, which holds the EMEAP chair this year and co-organised the seminar with the ECB.

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