SM Goh confident that governments are managing financial turmoil.
SINGAPORE: Senior Minister Goh Chok Tong said the way forward in the current market turmoil is for governments to decide on the new global financial set—up.
<script language="javascript">f(window.yzq_d==null)window.yzq_d=new Object(); window.yzq_d['_5pjNXxsfEo-']='&U=13f6ctk50%2fN%3d_5pjNXxsfEo-%2fC%3d704344.13054644.13258318.2013436%2fD%3dLREC%2fB%3d5524671%2fV%3d1'; </script><noscript>
</noscript>
In an interview with China Central Television (CCTV), ahead of the Asia—Europe Meeting in Beijing, Mr Goh noted that over—regulation may stifle the growth of the financial industry. However, without due regulation, countries may face the same problems on an even larger scale in future.
While Mr Goh is confident that the problem is now being managed, he added that it is the real economy that he is worried about as the financial industry is merely the intermediary for the real economy. "To be very frank, nobody knows whether there will be more problems coming up. But the point is, governments are now pouring all the resources they can to tackle the problem," said Mr Goh. Touching on Asia—Europe ties, the senior minister said more can be done to enhance economic cooperation and to tackle multilateral issues such as climate change and terrorism. He added that inter—faith dialogue can also be conducted to foster better understanding between people of different cultures. "In Asia, our religions are quite different — Buddhism, Taoism, Islam, Hinduism, which are not very familiar to people in Europe. And in Asia, neither are we too familiar with all kinds of aspects of Christianity," Mr Goh said.
— CNA/so
SINGAPORE: Senior Minister Goh Chok Tong said the way forward in the current market turmoil is for governments to decide on the new global financial set—up.
<script language="javascript">f(window.yzq_d==null)window.yzq_d=new Object(); window.yzq_d['_5pjNXxsfEo-']='&U=13f6ctk50%2fN%3d_5pjNXxsfEo-%2fC%3d704344.13054644.13258318.2013436%2fD%3dLREC%2fB%3d5524671%2fV%3d1'; </script><noscript>
In an interview with China Central Television (CCTV), ahead of the Asia—Europe Meeting in Beijing, Mr Goh noted that over—regulation may stifle the growth of the financial industry. However, without due regulation, countries may face the same problems on an even larger scale in future.
While Mr Goh is confident that the problem is now being managed, he added that it is the real economy that he is worried about as the financial industry is merely the intermediary for the real economy. "To be very frank, nobody knows whether there will be more problems coming up. But the point is, governments are now pouring all the resources they can to tackle the problem," said Mr Goh. Touching on Asia—Europe ties, the senior minister said more can be done to enhance economic cooperation and to tackle multilateral issues such as climate change and terrorism. He added that inter—faith dialogue can also be conducted to foster better understanding between people of different cultures. "In Asia, our religions are quite different — Buddhism, Taoism, Islam, Hinduism, which are not very familiar to people in Europe. And in Asia, neither are we too familiar with all kinds of aspects of Christianity," Mr Goh said.
— CNA/so
