November 2011: Rescuers from Asia

This month’s edition has an Asian flavour, the result of the first OMFIF Asian Central Bankers’ Watchers Conference being held at Bank Negara Malaysia on 1 November. An opportunity to reflect on what the emerging market or rapidly-growing economies have to offer the world. Even though they are far from immune to the shock waves reverberating from the sovereign debt ills of the nations now passing from developed to disturbed and even distressed status, Asians are now seen as rescuers.

The euro has done what its founders wanted – stamp itself upon the consciousness of global monetary policy-makers. Unfortunately, for the wrong reasons. The somewhat bizarre notion that the large reserve holders of Asia and Latin America should be supporting the over-borrowed West has been doing the rounds.

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