Lessons from global financial crisis
VGP – Experts pointed out that, one of main causes of the global financial and economic crisis is that the “market discipline” was exaggerated while the regulatory role and supervision of the State were neglected.
The conclusion was drawn
by the experts at the Conference "Financial crisis and macro-prudential
supervision" jointly held by the National Financial Supervision Committee
(NFSC) and the Irish Embassy in Hà Nội on Thursday.
Mr. Lê Đức Thúy, Chairman of the National
Financial Supervision Committee, delivers remarks at the Conference “Financial
Crisis and Macro-prudential Supervision,” Hà Nội, October 15, 2009 – Photo: VGP
The conference
concentrated on theoretical issues and international experience relating to financial
supervision system, international trends in renewing this system, policies
adopted by Viêt Nam and other countries in response to the global crisis, and
the recovery from the economic downturn.
Many delegates suggested Việt
“Spending to renew a
financial supervision system are great, however, the cost for financial
instability and weakness of supervision agencies are even bigger,” concluded
the Conference.
