Strength from swaps

Asian nations are becoming increasingly assertive in co-ordinating financial stability efforts in the Asia Pacific, notably via a raft of new swap agreements between the region's largest economies. Are these efforts having the desired impact? Christopher Jeffery reports


The global financial crisis has had a marked negative impact on a number of Asian economies. This is particularly the case in South Korea, where domestic banks and the branches of foreign banks have struggled to meet their short-term US dollar funding needs. It's also been the case in Indonesia, whose high fiscal deficit has undermined the country's financial status and banks have faced difficulty to meet corporate medium-term US dollar debt funding needs.

US dollar funding problems have

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ESRB narrows its macro-prudential tools

The European Systemic Risk Board is about to announce a slimmed-down list of potential macro-prudential tools, but who has the power to use them is still the subject of debate. By Michael Watt

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