Philip Lowe, assistant governor of Reserve Bank of Australia, said that Asia remained more successful than other regions of the world in providing a resilient and strong financial system.
Philip Lowe said that Asian countries depends less on financial markets and more on financial institutions.
Mr. Lowe described the term ‘global financial crisis’ as a misnomer because the crisis did not affect Asian countries.
Speaking on the issue in Perth, Mr. Lowe said, “Rather, it has been a crisis in the financial systems of many of the advanced countries of the North Atlantic.”
He said that a key reason for the Asian resilience was the integration of financial systems into global processes.
Mr. Lowe further added that Asian countries would be assisted by their balanced financial systems.