{"id":112888,"date":"2021-03-22T01:24:34","date_gmt":"2021-03-22T07:24:34","guid":{"rendered":"http:\/\/www.lankaweb.com\/news\/items\/?p=112888"},"modified":"2021-03-21T18:20:26","modified_gmt":"2021-03-22T01:20:26","slug":"the-epidemic-of-currency-depreciation-can-asian-region-control-the-epidemic-by-united-accomplishment-part-2","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2021\/03\/22\/the-epidemic-of-currency-depreciation-can-asian-region-control-the-epidemic-by-united-accomplishment-part-2\/","title":{"rendered":"THE EPIDEMIC OF CURRENCY DEPRECIATION: CAN ASIAN REGION CONTROL THE EPIDEMIC BY UNITED ACCOMPLISHMENT? PART 2"},"content":{"rendered":"

BY EDWARD THEOPHILUS<\/strong><\/em><\/span><\/h2>\n\n\n

The\nregime change in international financial management cannot be done overnight by\nSouth and Southeast Asia, the attitudes of people in the region are rigid and\novernight changes impossible, it needs a broader discussion and debate among\ncountries, and the political leadership of China and India must be agreed to a\nplan for achieving the aim.  Sri Lanka\nassociated with EU style SARC, but it was unsuccessful in a short period as\nself-centered attitudes of certain members of the organization and foreign\ninfluences mainly caused to unsuccess. SARC leaders contributed to disunity,\nand a severe conflict identifying standard aims and was impossible and abortive.  SARC had a weakness of thinking we are\ndifferent in ethnicity, religion, and culture, but have one face with an endeavor\nto achieving the prime objectives. This situation forced the SARC union to get\naway from creating an international financial management regime for the region,\ndespite massive expectations at the beginning SARC failed to build a regional\nfinancial management regime.<\/p>\n\n\n\n

I\nobserved that SARC was working against the aggregation, ethnic and natural\nconditions. The behavior of SARC leaders was reflected traditional animosity\nbetween nations and reflected the ability to enter foreign forces against the objectives\nof the prime objectives. The change of the leadership of India attempted to\nchange to the prime objectives and this situation was brought about destructive\nforces against the unity of countries.<\/p>\n\n\n\n

However,\nsome leaders of the Asian region such as Mr. Takshin Sinevatra was able to\ninitiate the Asian Bond market to invest in Asian savings in Asia, and reduce\nthe pressure on the trading bank system financing for the government and\nprivate firms. The regime change in international financial management in the\nSouth and South Asian region could be efficacious if political leaders in China\nand India begin the concept into practicality. They need to forget animosity\nand come to a round table and broadly discuss the issue. As long as the\npolitical regimes of India and China are maintained the animosity it would help\nthe current regime of IMF to maintain the superiority of American and European\ncurrency units and other countries to be treated as slaves.           <\/p>\n\n\n\n

Leaders\nin the South and Southeast Asian region should formally inform the current\nsuppression to the leadership of the international financial management regime\nof the International Monetary Fund, which has been not implemented an effective\nrole in responding to the currency depreciation pandemic after the COVID 19\nexcept offering few credit facilities by the current Briton Wood approach. The\nregime changes of the IMF and setting new policies for the operations of the\nIMF are essential in the current situation. Developing countries cannot expect\nfrom the US, UK, and European countries justice for the currency depreciation. They\nwill implement essential reforms as they are depending on cheap trade with\ndeveloping countries. When they have cheap prices for importing raw materials\nand other products such as garments, fish products, depreciated currency values\nin producing countries would be profitable to them. developed countries can buy\ngoods at cheaper prices and maintain the leadership of international trade. <\/p>\n\n\n\n

The\nreforms requirement has not been convinced to the IMF by developing countries\nand Sri Lanka should take leadership to convince developing countries in the\nSouth and Southeast Asian region where has a large volume of the population in\nthe world and such action will force the IMF to make regime change. The reality\nin the last century was developed countries eliminated leaders of developing\ncountries when work together to force various policies disadvantaging developed\ncountries.  <\/p>\n\n\n\n

After\nmore than 50 years of the establishment of the Briton Wood System, no\nsignificant changes that supporting developing countries were not carried out\nby the authority, and as a small country, Sri Lanka can motivate countries in\nthe region to convince the requirement to the IMF. The Unity among China and\nIndia is key to change the IMF policies. If this not happens with India and\nChina the IMF would not take any action to protect Asia and continue to hit the\nthird world.<\/p>\n\n\n\n

I\nam of opinion that the world needs five regional regimes for international\nfinancial management as Asian Region including all countries in Asia, African\nregion, Latin American region, America, British and Canadian region, and Euro\nRegion.  Australia and New Zealand could\nbe joined with any region that they are willing to associate with.  Each region should introduce a common\ncurrency for the region and the foreign value of each common currency of the\nfive regions should be equal and the new regime will prevent currency\ndepreciation. The countries could further discuss recognizing BANCOR as\noriginally planned by countries before initiate the Briton Wood system.<\/p>\n\n\n\n

The\nother advantage of the new regime is promoting trade within the region and\nsupporting the development and growth of countries within the region.  Annually, the leaders of the region could\nhave a currency conference and determine the progress and changes requirements.<\/p>\n\n\n\n

Sri\nLanka can get the leadership for this regime change.  Previous leaders of Sri Lanka had taken the\npre-eminence for various international matters. Mr. J.R. Jayewardene for\nJapanese peace, establish Colombo Plan, Mrs. Sirimao Bandaranaike to make the\nIndian Ocean Peace Zone and Non-align movement could be given as examples.\nPresident Gotabaya Rajapaksa could get superintendency on reforming the\ninternational financial management regime and contribute to the international\npolicymaking thrust.  <\/p>\n\n\n\n

Originally,\nChina and India will associate and play a leading role, and Japan, South Korea\nwill enter the Asian region as they want to maintain trade and growth. If\nRussia is willing to join with the Asian region it could accept, otherwise,\nRussia could join with the European region.<\/p>\n\n\n\n

Foreign\npolicymakers in Sri Lanka adhere to the problems of Sri Lankans who engage in\nforeign employment and they have not developed this type of creative proposals.\nThe personnel in overseas service in the past contributed many creative policy\ndevelopments and now it has become to play a limited clerical role. Many\nofficers of the Foreign Office are interested only in going overseas and\ngetting allowance than developing policies, which are beneficial to the\ncountry. <\/p>\n","protected":false},"excerpt":{"rendered":"

BY EDWARD THEOPHILUS The regime change in international financial management cannot be done overnight by South and Southeast Asia, the attitudes of people in the region are rigid and overnight changes impossible, it needs a broader discussion and debate among countries, and the political leadership of China and India must be agreed to a plan […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[124],"tags":[],"class_list":["post-112888","post","type-post","status-publish","format-standard","hentry","category-edward-theophilus"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/112888","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=112888"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/112888\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=112888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=112888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=112888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}