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Private Sector to Share the Burden; ADB President Kuroda
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“The financial crisis has made it clear that financial sector regulation needs to be revised and is an absolute necessity. The financial sector must be regulated and monitored effectively and appropriately, the private sector must share the burden of cost when their actions adversely affect governments and populations.”said Asian Development Bank [ADB] President Haruhiko Kuroda in response to the Global Unions Call for adoption of Financial Transaction Tax in Asia. While stating that he did not necessarily believe an FTT was the definitive answer in curbing damaging investment practices, the President did concede that an FTT is one of the most effective ways to ensure adequate protection for people at risk. In conjunction with the 44th ADB Annual meeting of the Board Govenors, held from 3-6 May 2011, in Hanoi Vietnam President Kuroada engaged with a dialogue session with a delegation from the Global Union federation. Global Unions are insisting ADB to strengthen the international financial regulatory framework by introduction of a Financial Transaction Tax FTT to avoid capital flight curb speculations and limit banks's excessive reliance on unsustainbale funding in Asia & Pacific. In his opening address to the Board Governors, President Kuroda said; that he is proposing an Asian Financial Stability Dialogue at the regional level, emphisizing on the need for collective efforts to secure the stability of the system. |
