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Article: TREASURY OFFICIAL LOWERY SPEAKES ON SOVEREIGN WEALTH FUNDS, INTERNATIONAL FINANCIAL SYSTEM
- Article from:
- US Fed News Service, Including US State News
- Article date:
- June 21, 2007
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The U.S. Department of the Treasury issued the text of the following speech:
The financial crisis that struck East Asia ten years ago had many causes - fixed but adjustable exchange rate regimes, balance sheet mismatches in the financial and corporate sectors, and inadequate financial sector regulation and supervision, among others. Ultimately these causes manifested themselves in large-scale capital outflows and insufficient official foreign exchange reserves.
At the time, a number of working groups were established to address issues coming out of that crisis. One group recommended that the international community - largely led by the IMF - improve the coverage, frequency, and timeliness ...