Governors from central banks in South East Asia Saturday urged bold and urgent reforms on the international financial architecture as a bid to restore global stability and confidence, Xinhua reported.
The call was sounded as the 44th South East Asian Central Banks (SEACEN) Governors' Conference closed here on Saturday.
The South East Asian central bank governors emphasized several reform priorities, according to a statement released after the two- day conference ended.
In the statement, the governors welcomed the steps in the international community to address weaknesses in the international financial architecture.
They hoped that the regulatory frameworks would be flexible, comprehensive and responsive to promote financial reforms and adapt to the rapidly changing financial landscape.
The governors expressed their support to double the size of the International Monetary Fund (IFM)'s fund pool, as well as the idea for the fund to establish co-financing schemes with regional groupings to address regional financing needs.
They supported the IMF to make a more inclusive approach in its decision making on global issues to ensure that implications on emerging economies be considered.