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Resolution

on

Tre Stabilization of the Asian Financial and Monetary System

jointly submitted by the Philippines, Japan and the Republic of Korea

 We, the parliamentarians of the APPF, gathered at the sixth Annual Meeting in Seoul in January 1998,

Concerned that the financial and exchange markets in the Asian region have been destabilized since last summer, despite strong economic fundamentals of respective countries, and about the new phenomenon in business which is money-trading;

Recognizing that such financial and monetary crises are caused by, among others, weakening domestic financial institutions, deteriorating current account and lack of transparency;

Commending the efforts by the international financial institutions such as International Monetary Fund, World Bank and Asian Development Bank to prevent or minimize financial and monetary crises of Asian countries and regions;

Welcoming the New Framework for Enhanced Asian Regional Cooperation to Promote Financial Stability agreed at Manila meeting of Finance and Central Bank Deputies and endorsed at Vancouver APEC Leaders Meeting and Special ASEAN Finance Ministerial Meeting;

Observing the new phenomena in business, where money trading can be of serious threat to the economy of a country.

Resolves to:

1) Call on our respective governments to conduct healthy macroeconomic and structural policies and strengthen financial sector giving an emphasis to transparency;

2) Call on the Asia-Pacific countries, the IMF, the World Bank, the Asian Development Bank, and other relevant authorities to cooperate and make efforts to undertake the following measures on the basis of the new framework agreed in Manila