Fed, 12 central bankers meet in Bali to talk on Brexit

Arif Gunawan Sulistiyono

Federal Reserve official and central bank executives from 12 economies are gathering in Bali, Indonesia to cooperate and share experience on global monetary policy, including on how dealing with the spilled over effect of the UK’s decision to leave the European Union, dubbed as Brexit.

The discussion is part of the annual Executives’ Meeting of Asia Pacific Central Banks (EMEAP), to be held on August 1, which will present President of Federal Reserve Bank of New York William C. Dudley and Reserve Bank of India governor Raghuram Rajan as speakers.

“This is an annual executives meeting, founded by 11 central banks in Asia Pacific. Indonesia first held the meeting in 2005, and now after 11 years we become the hosting country again,” said International Department Bank of Indonesia executive director Aida S. Budiman on Saturday in Bali.

Several issues that set to be addressed in the meeting were on how to boost the over the counter (OTC) derivatives market, assessment on global and regional monetary situation, monetary surveillance, and the spill-over of Brexit among other topics.

In the sidelines of the meeting, William C. Dudley and Raghuram Rajan is set to deliver their remarks on ‘pursuing growth objectives after the crisis’ such as the impending factors that might hamper the global economic recovery, sustainable economic growth, and small open economies.

In the meeting, Aida further explained, there won’t be any binding agreement as EMEAP is only a working group. The 11 EMEAP members are Australia, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, and Thailand. (ags)