Reserve Bank of Australia Annual Report 2011
Reserve Bank of Australia Annual Report 2011
Reserve Bank of Australia Annual Report 2011
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Economic activity in most EMEAP economies has been growing at a faster pace than in the large advanced<br />
economies that were at the centre <strong>of</strong> the global financial crisis, and there have been strong capital inflows to<br />
the region. As a result, the focus <strong>of</strong> discussions at EMEAP meetings in the past year was on the potential risks<br />
arising from capital flows and possible policy responses, as well as the implications <strong>of</strong> recent developments in<br />
commodity prices.<br />
The <strong>Reserve</strong> <strong>Bank</strong> hosted one <strong>of</strong> the biannual EMEAP Deputies’ Meetings, as well as meetings <strong>of</strong> the MFSC<br />
and the ABF Oversight Committee and the PAIF Supervisory Committee, in Perth in May <strong>2011</strong>. The <strong>Bank</strong><br />
also hosted:<br />
••<br />
the Working Group on <strong>Bank</strong> Supervision (with APRA) in Sydney in October 2010 to discuss the implications<br />
<strong>of</strong> the Basel III reform proposals for EMEAP economies and issues related to financial system stability across<br />
the region; and<br />
••<br />
an EMEAP/BIS Forum on Foreign Exchange Markets and a meeting <strong>of</strong> the Working Group on Financial<br />
Markets in Sydney in December 2010.<br />
In addition to these meetings, the <strong>Reserve</strong> <strong>Bank</strong> attended the 6th EMEAP-Eurosystem High-level Seminar in<br />
June <strong>2011</strong> in Amsterdam, which brought together Governors or Deputy Governors from EMEAP and euro area<br />
central banks to discuss issues <strong>of</strong> mutual interest and develop closer ties between the two regions. The seminar<br />
discussed economic policy challenges facing both regions, against the background <strong>of</strong> the sovereign debt<br />
issues in the euro area.<br />
Four meetings in Perth in May <strong>2011</strong> were attended by senior EMEAP representatives and co-ordinated by a team <strong>of</strong><br />
<strong>Reserve</strong> <strong>Bank</strong> staff<br />
40 <strong>Reserve</strong> bank <strong>of</strong> <strong>Australia</strong>