July 12th 2012
- Sheraton on the Park, Sydney, Australia
The Bellwether Series 2011 brought together over 150 senior executives ranging from leading policymakers, banking executives and regulators, in each of the individual market in Asia-Pacific, China, Japan, Australia and South Korea, to debate on the future of finance in Asia-Pacific.
Now in its third year, The Bellwether Series 2012 once again will return to these markets to examine critical opportunities and challenges in Asia-Pacific’s four key financial markets, including Australia on July 12th 2012.
The global financial crisis is still hobbling America and Europe. But it left a different legacy in Asia. It was a blow to the region’s economies, but a boost to the region’s pride. Asia’s financial systems proved remarkably resilient; its economic recovery admirably swift.
Many of Asia’s leaders, businesspeople and investors are confident of an “Asian century” ahead. But there is a danger in triumphalism. In many Asian countries, the economy has raced ahead of the financial system. The region’s share of global financial assets lags far behind its economic weight in the world, and its financial institutions sometimes struggle to keep up with more demanding savers and more ambitious firms.
Asia has its own vulnerabilities and challenges to overcome. Its diverse economies are variously threatened by liquidity traps and middle-income traps; the perils of inflation and deflation. Some need to increase consumption; others to revive investment. All seek to foster innovation and secure their niche in a more elaborate international division of labour.
Although Asia may well prosper even if the West does not, it will be easier for both regions to prosper together. The Australia edition of the Bellwether Series will examine the state of the financial system globally and in Asia—now, and over the long term. For Australia’s financial-services industry, what are the opportunities and risks in the shifting landscape, within and outside Australia and the region? The Australia edition will take an intellectually rigorous, global and forward-looking perspective on Australia’s evolving financial-services industry.
Dates of each Bellwether Series 2012 event:
Tokyo, Japan – May 16th 2012
Sydney, Australia – July 12th 2012
Seoul, South Korea – September 4th 2012
Beijing, China – November 16th 2012
To review the highlights of The Bellwether Series 2011 in Australia please visit http://www.economistconferences.asia/event/bellwether-series-australia-2011.
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8.45 am
| Opening remarks The chairperson will give scene-setting remarks for the day’s discussions.
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9.15 am | On the global financial landscape This session presents The Economist and Economist Intelligence Unit’s perspective. The focus is on recent developments and what’s ahead in the global and Asian financial landscape, with implications for Australia.
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10.00 am | Western, Asian or global? Competing models of financial regulation and central banking This session will shed light on whether evolving regulatory norms around the world reflect past Asian practice or interfere with it, with implications for Australia. Since the financial crisis, the world has shifted from an era of deregulation to a new era of reregulation. The role of the monetary and financial authorities has become more expansive, more intrusive—in many ways, more Asian. Is there a distinctively Asian regulatory philosophy? If so, what can the rest of the world learn from it?
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10.50 am | Networking break |
11.20 am | The retreat of Europe… …a threat—and an opportunity—for Asia
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12.05 pm | Luncheon |
1.20 pm | China and Australia China is projected to become the world’s biggest economy by 2018. It may get there, if it manages to avoid a few stumbles along the way. Australia has benefited more than most from China’s progress. Has that created a dangerous dependency for Australia? This session discusses angles of the China story that impact Australia.
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2.10 pm | Government and markets As Australia’s minority federal government manages political survival into next year, will financial regulation shift? What will the impact be on Australia’s banks and financial institutions?
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3.00 pm | Networking break |
3.40 pm | What if…? Scenarios for Australia
Bill Evans, Chief Economist, Westpac |
4.20 pm | The perspective from Australia’s government Hon Penny Wong, Minister for Finance and Deregulation, Government of Australia
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4.50 pm | Chairperson’s closing remarks |
5.00 pm | End programme |
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Simon Cox, Asia Economics Correspondent, The Economist
Simon Cox covers the economies of emerging Asia, including India and China, for The Economist newspaper.
Hon Penny Wong, Minister for Finance and Deregulation, Government of Australia
Hon Craig Emerson, Minister for Trade and Competitiveness, Acting Minister for Foreign Affairs, Government of Australia
Philip Lowe, Deputy Governor, Reserve Bank of Australia
Philip Lowe is the Deputy Governor of the Reserve Bank of Australia, Deputy Chairman of the Reserve Bank Board and Chairman of the Reserve Bank's Risk Management Committee.
John Laker, Chairman, Australian Prudential Regulatory Authority (APRA)
Dr Laker is in his second term as Chairman of the Australian Prudential Regulation Authority (APRA).
Adrian Blundell-Wignall, Deputy Director, Financial and Enterprise Affairs, Organisation for Economic Co-operation and Development (OECD)
Dr. Adrian Blundell-Wignall is the Special Advisor to the Secretary-General on Financial Markets and Deputy Director in the Directorate for Financial and Enterprise Affairs (DAF) at the OECD, effective from 14 February 2007.
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