By STAFF Writer
November 13, 2011
AUSTRALIA NEWS - Australia's Treasurer Wayne Swan said this Sunday that economies of the Asian region needed to "redouble their efforts" to increase domestic demand and that their economies needed to be restructured. This was due to the debt crisis in Europe.
Swan admitted that there was a clear sense of frustration in the talks of the finance ministers in Honululu but they did urge the Asian to learn their lessons from this economic turmoil in Europe. The global economic outlook which has weakened due to the crisis in Europe means that the countries of Asia could no longer depend on foreign demand to keep fuelling their economic development.
He added that the governments of these countries should do more to increase the domestic demands of their areas and they need to restructure their monetary policies to depend more on market-based exchange rates. The crisis, Swan said, were hitting the financial markets, dampening trade and also disturbing businesses and the consumers in the region.
Swan's woes in urging the Asian countries seem to be the reason that the crisis would also affect Australia and cost the country AUS$130 ($ 134) billion in revenues. Swan said that the APEC finance ministers had put more stress on developing infrastructure, from critical to future capacity and on creating cross-border markets to manage funds. But Swan has also warned that the individual countries also need to act now, because, he said that the speed with which things can happen is unpredictable- the European crisis being a perfect example.
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| Australia's treasurer Wayne Swan |
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| Banner at Waikiki beach highlighting APEC summit, Honolulu, Hawaii |
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| Face copy of TIME magazine showing Italy's Prime Minister Silvio Berlusconi |
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