In 2001 and 2002, the sharp decline in growth in the foreign countries soon after the U.S. economy slowed reflected the global nature of the bursting of the technology bubble and its worldwide transmission through equity markets and manufacturing. In the current slowdown, the implosion of the housing sector is playing the most prominent role in dragging down U.S. GDP growth.
For more than two decades now, the ASEAN+3 Finance Process has been successful in developing strong regional cooperation and providing the foundations for regional stability. I strongly believe that it is important to maintain the momentum of this cooperation while adapting to the changing environment. 3/4  BIS - Central bankers' speeches  Thank you. 4/4  BIS - Central bankers' speeches