APEC Policy Measures to Address Financial Crisis
Finance Ministers from APEC Economies will gather next week (Trujillo, Peru, 5 - 6 November) to collaborate in addressing the global economic crisis. With an emphasis on the Asia-Pacific region, Ministers will determine short- and long-term policy measures to mitigate negative impacts on member economies and preserve progress made in trade liberalisation.
The immediate policy challenge will be to stabilise financial conditions, while nursing economies through a period of decelerated economic activity and keeping inflation under control.
Areas of attention will include:
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The real economy: GDP, employment and investment;
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Pressure on economies to adopt protectionist policies and the risk to the benefits of trade liberalisation;
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Short-term commodity price spikes, the ability of economies to adapt; and
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Policies to mitigate food and commodity price shocks for the lowest income level stratum.
Specifically, Ministers will consider:
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How best to stabilize markets and restore confidence across regional economies;
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How best to reform capital markets and address loopholes in regulatory policies; and
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How best to address global challenges through coordinated regional action.
Ministers are expected to release an official statement at the close of their two-day meeting. The Finance Ministers' Meeting is a precursor to a gathering of all APEC Leaders (22 - 23 November, Lima, Peru) and takes place as the world economy enters a major downturn.