SYDNEY — Ten years after the last Asian financial crisis hit world markets, the leading countries in the region need to work harder to ensure that the next downturn does not descend into a global collapse. Have the region's financial regulators gotten the message?
They should have, judging by all the hot air generated at a gabfest at Coolum, on Queensland's Sunshine Coast. There the region's top finance ministers agreed on positive economic policymaking reforms. Whether words will be translated into action may become clear in a few weeks time.
Starting Sept. 2, the Asia-Pacific Economic Cooperation forum will meet in Sydney to consider the Coolum decisions plus input from the likes of the World Bank and U.S. Treasury. Judging by tough talks behind the scenes at the swank Queensland tourist resort, APEC may yet achieve a direction broader and more fruitful than ever before in its relatively brief, productive history.