A fiscal stabilisation function could be managed by a euro-area treasury that would be responsible for those fiscal policy decisions that are more effectively dealt with at the European level than at the national level. Such a euro area treasury or finance ministry would clearly need a high degree of democratic legitimacy and strong parliamentary control.
This APLMA Conference, held here in Macao, can certainly help promote our guests’ understanding of our fast-growing market on the one hand, and further foster exchange, networking and partnership between domestic and foreign financial communities on the other.