Enhancing East Asia's regional financial safety net
· Chang Yong Rhee, Governor of the Bank of Korea (South Korea)
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CY · Chang Yong Rhee Wiki · Bank of Korea WikiEnhancing East Asia's regional financial safety netContextKeynote speech by Chang Yong Rhee, Governor of the Bank of Korea, at a Roundtable on East Asia's Financial Safety Net, 22 August 2022.
Why it mattersRhee asks whether regional swap pledges would arrive fast enough in a crisis.
Problems raised- East Asia's financial safety net is untested.
- Pledges may not be honoured quickly.
- Crises need fast responses.
Solutions proposed- Enhance the Chiang Mai Initiative.
- Strengthen regional cooperation.
- Test the safety net's credibility.
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