PRESS RELEASE

3rd High-level Seminar of Central Banks in the East Asia-Pacific Regions and the Euro Area

21 November 2006

The Reserve Bank of New Zealand and the European Central Bank (ECB) jointly organised the 3rd High-Level Seminar of Central Banks in the East Asia-Pacific Region and the Euro Area. The seminar was held at the Reserve Bank of Australia, in Sydney, Australia, on 20 and 21 November.

The Seminar was attended by governors from both the East Asia-Pacific Central Banks (EMEAP) and the Eurosystem.

The purpose of the seminar was to exchange views on issues that are relevant to both the Euro Area and the East Asia-Pacific regions, and to deepen relations between EMEAP and the Eurosystem.

The Governors discussed issues confronting policy-makers in both regions today: the link between the integration of emerging economies in the world economy and global inflation; global imbalances and their implications for financial stability; and regional financial integration, with focus on the ongoing processes of financial integration in the Asia-Pacific region and Europe.

For further information contact:
Mike Hannah
Head of Communications
Ph +61 4 4713671, +61 21 497418, mike.hannah@rbnz.govt.nz

The Executives’ Meeting of East Asia-Pacific Central Banks (EMEAP) comprises eleven central banks and monetary authorities in the East Asia and Pacific region (Australia; People's Republic of China; Hong Kong, SAR; Indonesia; Japan; Korea; Malaysia; New Zealand; Philippines; Singapore and Thailand).

The Eurosystem comprises the European Central Bank and the twelve national central banks of the euro area, i.e. the central banks of Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain.

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