SINGAPORE, May 31 (Xinhua) -- The Sixth Asian Monetary Policy Forum (AMPF), co-organized and funded by the University of Chicago Booth School of Business, the National University of Singapore Business School and the Monetary Authority of Singapore, convened here on Friday.
The highlights of the forum include presentations and discussions on the dominant role of the U.S. dollar and its implications for monetary policy, as well as challenges posed by digital currencies, according to a joint press release.
The forum this year attracted more than 100 experts, industry leaders and policymakers. It is expected to offer a valuable platform for participants to exchange views and share insights in their areas of expertise, with the aim of raising the level of intellectual discourse on economic and monetary challenges confronting Asian policymakers.
"The 2019 AMPF promises to deliver thought-provoking perspectives on dollar dominance, the disruptive nature of digital currencies, challenges facing the international monetary system and the future of jobs," said Steven J. Davis, William H. Abbott Distinguished Service professor of International Business and Economics at the University of Chicago Booth School of Business and senior fellow at the Hoover Institution.
Philipp Hildebrand, vice chairman of BlackRock, delivered an opening address at the forum on the topic of where the global economy is headed. He said that given the vulnerability in the west, despite 10 years of recovery, given the constraints around monetary policy in Europe and the United States, Asia would be well advised to put resilience at the very top of its own economic policy.
He also suggested that central banks would need to pay more attention to distribution of effects of their policy choices and explain the distributional impact of the policies more clearly to the public. "If central banks fail to communicate clearly on important social and distribution issues, they could easily be made a scapegoat for political discontent, potentially putting our independence at risk," he added.