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March 18, 2009 21:11 PM
US Needs To Be More Open-minded And Humble In Tackling Financial Crisis
KUALA LUMPUR, March 18 (Bernama) -- The United States should be more open-minded and humble in dealing with the current financial crisis and start by emulating Asean's way, which has been proven to be successful, CIMB Group chief executive, Datuk Seri Nazir Razak said today.
He said this could be done by studying models such as Malaysia's Danaharta and the Indonesian Bank Restructuring Agency (IBRA).
In fact, he said the US should be inviting former Prime Minister Tun Dr Mahatir Mohamed or Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz to advise on the best way to deal with the present difficulties.
"I would argue that there hasn't been enough humility and open-mindedness in trying to solve the crisis," Nazir said in his speech at the CIMB Private Banking Investment Conference here.
He said the country was bracing itself for a long road to recovery as of now because the global banking crisis hasn't been fixed though the economic downturn is already quite severe.
"Why is the US studying the Swedish "bad bank" model when Asean's Danaharta and IBRA are the most recent success stories? Also, why is there such hesitation in looking to Islamic finance as a model for the new global financial architecture?"
"Why aren't they inviting Dr. Mahathir or Zeti to advise them and why did the US criticise Chinese economic policies when China is its biggest lender?" he noted.
He said until there was more humility and willingness to absorb all ideas and views, the antidote for the financial crisis might remain sub-optimal.
Sadly, he added, the brutality of the crisis was such that it wasn't difficult to imagine it morphing into a global currency or a political crisis.
"This is where the coming G20 meeting in April would prove to be absolutely crucial in dealing with it," he said.
-- BERNAMA
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