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Jakarta Post

VP urges local safeguards against crises

  • Mariel Grazella

    The Jakarta Post

Jakarta   /   Thu, September 27 2012   /  10:08 am

Vice President Boediono said on Wednesday that formulating homegrown solutions was crucial in averting as well as tackling financial crises that could strike at any time.

Global forums, he said, suggested various mechanisms to coordinate macro-policies. However, he noted that these suggestions remained on paper and had yet to be successfully implemented globally or in economic regions, such as ASEAN.

“Such coordination is crucial. Yet, because such coordination remains absent, we must be prepared to anticipate whatever situation may arise,” he said during a celebration to mark the seventh anniversary of the Deposit Insurance Agency (LPS) on Wednesday.

Boediono added that, as part of fortifying the country against the possibility of a financial crisis, the financial sector must act with prudence when conducting financial transactions.

“Criticisms about ac...