Statement by Mr. Adrianus Mooy, undersecretary general of the united nation and executive secretary of economic and social commission for Asia and the Pacific (ESCAP)

Abstract

Statement by Mr. Adrianus Mooy, undersecretary general of the united nation and executive secretary of economic and social commission for Asia and the Pacific (ESCAP) At the regional level, a common framework of managing the financial sector is needed. This includes the establishment of common prudential standards, a more uniform classification of non-performing loans, the development of monitoring and surveillance mechanisms to contain the contagion effects, and the establishment of a quick-disbursing fund to provide emergency assistance.