In his first press conference launched outside his monetary jurisdiction, Dudley highlighted the significant impact of the US economy on other economies, leading to the need to assess all the implications and communicate with central bankers in other countries.

"What the Federal Reserve does in the US has an impact far beyond its borders", he said, underlining the need to take this into consideration when it implemented monetary policy. Thus, communication with other central banks was needed, he said, to journalists in Bali on Monday.

On the sidelines of the EMEAP event, Bank Indonesia (BI) and the Federal Reserve of New York held a joint international seminar on "Managing stability and growth under economic and monetary divergence’", in which Dudley gave a keynote speech.

“This is an honor for Indonesia as the host of the 2016 EMEAP. It is his first press conference to be delivered outside his monetary jurisdiction,” said BI communication department deputy director Andiwiana S.

Dudley became the 10th president and chief executive officer of the Federal Reserve Bank of New York on Jan. 27, 2009. He serves as vice chairman and is a permanent member of the Federal Open Market Committee, which is responsible for formulating US monetary policy.

He and Reserve Bank of India governor Raghuram Rajan spoke in front of central bank executives from 11 economies, namely Australia, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, and Thailand. EMEAP has initiated several regional level cooperations, including Asian Bond Funds. (ags)

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