BY LORETTA B MANELE
Central banks in the Pacific region have improved significantly in terms of producing policy-based research papers and this has helped to inform better monetary policy decisions.
Dr John Beirne from the Asian Development Bank (ADB) raised this whilst speaking at the “2nd CBSI-ADB-APAEA Joint Workshop” on Friday, Oct 31, 2025 at Heritage Park Hotel.
Initially, he referred to the first workshop as “extremely impactful”, adding that ADB continues to be delighted in being involved in the event which ADB also co-sponsored.
Dr Beirne said economists across different central banks that they have been involved in over the years with APAEA (Asia-Pacific Applied Economics Association) have improved significantly in terms of producing policy-based research papers thus, helping to better inform monetary policy decisions.
“So as a result, ADB is delighted to continue to be involved with this type of event across different central banks in the region,” he said.
Dr Beirne stressed that this type of workshop is important at the current juncture and pointing out what CBSI Governor, Luke Forau said, reiterated that there have been many challenges facing economies not only in this region but globally as well.
“Therefore, it makes the importance of research underlying those monetary policy decisions and fiscal policy decisions even more important.
“So, I think if you take the region here, obviously trade, trade policy uncertainty are key issues at the moment that are affecting economies, more generally.
“But also, geopolitical tensions have the possibility to spike at any moment and this can affect commodity prices, can affect inflation,” he said.
Dr Beirne also highlighted that bringing monetary policy decisions that is more coordinated with fiscal policy is also very important at the present moment.
“…..particularly where there are constraints of capacities on both areas and also constraints in terms of space in both areas,”
“Fiscal policy may be constrained in terms of its vulnerability to debt, vulnerability on impacts on bond yields and so on,” he added.
Dr Beirne said there can also be monetary policy space issues as well.
“So fiscal policy and monetary policy should work together in addressing these challenges that we face in a more effective way,” he said.
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