In the wake of growing economic diversity and divergence of Asia, it is no surprise that the impact of global developments varies considerably across the region. Interestingly, Asia performed fairly well in the last two quarters of 2007 when, in the first round, the US slowdown was confined primarily to the housing sector.
Our actions, our reforms, our regulations and our staunch commitment as policymakers, monetary authorities, central banks, regulators, public servants, have made them resilient. The Ayuntamiento gives us a glimpse of the past. It also reminds us to continue to fortify our pillars and to build on the economic, financial and institutional reforms we initiated.