KEY ISSUES FACING ASIA

1
KEY ISSUES FACING ASIA

• A view from the UK
• Lord Carey

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CAUSES OF ECONOMIC CRISIS

• the global crisis did not happen because bankers
  and others were incompetent, lazy, mindless or
  wicked. The global crisis was caused by something
  far more difficult to analyse, which we can only
  describe as moral failings

3
HUBRIS

• David Milibrand, Newsweek calls the situation a
  Financial 9/11.
• The cost has been severe around the world. Every
  nation has been affected, markets have shrunk and
  in some cases collapsed. Unemployment is high
  everyway and poverty is a reality even in
  economies that up to now have been strong.

4
FOUR-FOLD CHALLENGE

• Reform our international financial systems.
• rebalance the State and markets to create a
  fairer and equal distribution of rewards. There
  has to be more careful policing of the markets
  with tougher regulations that protect customers .

5
RESIST PROTECTIONISM

• all attempts to move back into forms of
  protectionism that preserve us rather than
  them are as immoral as the forces that led us
  into the present mess in the first place.

6
POWER

• The weakening power of America and the growing
  strength of China is an unsettling factor in
  geo-political terms and should it lead to a
  weakening of globalisation, will undoubtedly
  affect us all for the worse. But with power must
  go responsibility and we all trust that Chinas
  growing power together with the power of ASEAN
  will blossom into good stewardship for the
  health and wealth of the world as a whole

7
ENVIRONMENT

• Nations must share the blame for the degradation
  of our fragile planet as we recognise that
  economic growth has deleterious implications for
  the natural world.

8
FOUR CHALLENGES

• ASEAN well positioned to take advantage of the
  present crises and grow today.
• It must act as a body and behave as a family.