Videoconference Seminar Series on Economic Crisis (III)
In the first session of the seminar, lead finance specialist of the World Bank Institute, Arvind Gupta, made a presentation on Regulation and Deregulation of the Financial System: Impacts, Reforms and Cooperation. He mainly elaborated on three key issues: the impact and role of regulation, the right type of regulations needed in the future and international cooperation to build a better regulatory framework. Following his speech, Dr. Luo Ping from China Banking Regulatory Commission (CBRC) and Dr. Nguyen Ngoc Anh from Ministry of Finance of Viet Nam spoke on the case and experience of China and Viet Nam and shared their viewpoints on practices, problems and reforms of regulatory system with the audience.
In the Q&A session, participants extensively exchanged their ideas and made lots of comments and suggestions on the issue of financial regulation. They think that there is a direct link between the financial crisis and the lax regulation of the financial system, or financial regulation has to keep pace with financial innovation. Though different financial markets are at different stage of development, an integrated financial regulatory and supervisory framework is key to achieve effective regulation. Some participants propose to have in-depth discussion on the specific issues of regulation in the future, such as strengthening capital adequacy, managing liquidity risk, transparency of supervision, information disclosure, etc.
This seminar is the third of its kind launched by AFDC and the World Bank to address the financial crisis. In the following months of this year, AFDC will continue to work with the Bank and the other DLCs in the region to design and organize several seminars on coping with the crisis.
