Fed’s Dudley praises Asia Pacific cooperation in EMEAP

Arif Gunawan Sulistiyono

President of Federal Reserve Bank of New York William C. Dudley acclaims the Executives’ Meeting of Asia Pacific Central Banks (EMEAP) for its role in sharing and communicating monetary policies amid diverged global economic situations.

In his first press conference ever launched outside his monetary jurisdiction, Dudley highlighted the significant impact of the US economy to other economies, leading the need to assess all the implications and communicate with other countries’ central bankers.

What the Federal Reserve do in the US has an impact far beyond its borders, he said, underlining the need to take it into consideration in how it conducted monetary policy. “We need to communicate with other central banks,” he said to the journalists in Bali on Monday.

In the sideline of the EMEAP event, BI and the Federal Reserve of New York holds joint-international seminar on ‘managing stability and growth under economic and monetary divergence’ in which Dudley gave a keynote speech.

“This is an honor for Indonesia as the host of the 2016 EMEAP. It will be his first press conference to be delivered outside his monetary jurisdiction,” said Bank Indonesia (BI) communication department deputy director Andiwiana S in Bali on Saturday.

Dudley became the 10th president and chief executive officer of the Federal Reserve Bank of New York on January 27, 2009. He serves as the vice chairman and a permanent member of the Federal Open Market Committee, which responsible for formulating the US’ monetary policy.

He, and Reserve Bank of India governor Raghuram Rajan, speak in front of central bank executives from 11 economies namely Australia, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, and Thailand. EMEAP has initiated several cooperation in the regional level, including the Asian Bond Funds. (ags)