President Mahinda Rajapaksa stressed the need of building a new financial order and a model that will better equip Sri Lanka to face world economy in future.
Addressing the 49th South East Asian Central Bank Governors’ (SEACEN) Conference, in Colombo today he said much attention has been paid to regulate and supervise financial institutions which are considered to be “too big to fail”.
He said among the causes that aggravated the Global Economic Crisis were the blatant application of double standards; the obvious policy contradictions and inconsistencies; the stubbornness of large economies to face realities; the unfortunate attempts to politicize multi-lateral financial organizations; and the lethargy in handling urgently needed financial bail-outs”.
” To be successful in addressing this issue, we have to solve the economic problems of our people, who are our ultimate stakeholders. The people of our respective nations have entrusted their governments with authority and resources to provide them with a safe economic environment where they can achieve their economic hopes and aspirations”, he said.
President Rajapaksa said when a country established a Central Bank, the people transfer a significant part of that duty and responsibility to the Governors. “Therefore, as Governors, you are also responsible to the people of your respective countries”, he said.