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10 Nov 2014
Hong Kong, November 10, 2014 -- Moody's Corporation CEO Raymond McDaniel says that an interconnected
global economy is more easily supported by a foundation of integrated
and healthy regional economies.
"At the same time, there are two important caveats to this
assertion: first, public policy should encourage constructive
working relationships and networks both within and among regions;
and, second, the business community has an increasingly important
role to play in the debate regarding the future of the international economy,
and it should take that role very seriously," says McDaniel.
McDaniel was speaking on the release of a special comment titled "The
Future for Asia Pacific Economic Integration: A Global Perspective".
The report is based on a speech he delivered on November 8, 2014
at the Asia-Pacific Economic Cooperation (APEC) CEO Summit and
the associated APEC Business Advisory Council (ABAC) meetings held in
Looking at the development of markets in Asia, McDaniel notes that
current financial market infrastructure is insufficient to support the
next stage of economic growth or to meet the huge challenges of financing
essential urban development.
"How to finance this demand is one of the central questions,
and there are two important facets in this discussion," adds
First, Asian financial markets, particularly the bond market,
are less developed and less integrated with one another than North American
and Western European markets. Consequently, the flow of resources
from one economy to another is sometimes hindered -- because of differences
in such matters as legal and administrative systems or regulatory regimes.
Second, in instances where resources do flow freely, for example
when individual Asian countries are more tightly linked with those outside
of Asia, their economies are exposed to exogenous volatility.
"The combination of the above two factors and the desire to provide
domestic companies with the benefits of a larger regional market may be
driving the increasing interest in joining regional organizations,"
On a more practical level, regional organizations find it easier
to reach economic and trade agreements, simply because a smaller
group can form consensus faster than a larger more diverse group.
Within Asia Pacific, business leaders are currently discussing or
implementing several regional ideas for increased integration, notes
In addition, the challenges that arise from increased interdependence
of economies -- combined with diverging visions of how to integrate
still powerful nation states -- are stimulating discussion about
the prevailing international system.
Here, public policy has a crucial role to play in promoting a healthy
rebalancing to encourage companies, countries and regions to build
constructive and open networks rather than protectionist barriers.
Some features that would be critical to the sustained success of a new
global approach include: an inclusive debate -- public policymakers
should be open to perspectives and views from various and disparate sources;
a clear framework -- market participants should be able easily to
understand the specifics of the rules that govern their businesses;
predictable implementation -- once adopted, rules should be
applied consistently and coherently, irrespective of region or market
sector; and Impartiality -- the legitimacy of any rule set rests
on its fair and impartial application.
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