The FMP seeks to facilitate a process whereby scholars, practitioners, and policymakers can share information and opinions while continuing to pursue their distinct roles in identifying policy needs, studying related theory, and designing and implementing actual policies. By doing so, it hopes to ensure that financial and economic policies in the major economies have the intended results and do not lead to undesirable side effects, at a time when these countries have undergone major changes in their economic structures, financial markets, and financial systems since the financial crisis.
Japan traditionally suffered from a shortage of venues suited to exchanges of information and discussions of opinion that bridged the gap between theory and practice. In the process of trying to understand and address the global financial crisis and the structural economic and financial changes it triggered, a variety of shortcomings have been exposed in terms of our knowledge of the theoretical framework, our analysis of developments in the financial markets and financial system, and experience in the design and implementation of policy.
The FMP’s goal is to overcome these limitations and constraints by allowing experts in both theory and practice to discuss the forms that policy should take while sharing information about theoretical innovations and the latest developments in the economy and financial system.
The FMP, the Japan-China Financial Roundtable, and the Research Forum for Revitalization of Financial Intermediation in Domestic Economy (“the Research Forum”) discuss issues in distinct realms—central bank policy, issues affecting the Japanese and Chinese economies and financial sectors, and issues affecting commercial banking functions—and each group consists of experts from different fields. Nevertheless, their discussions are often closely linked, and the Secretariat’s role is to share the results of these discussions and to manage topics and discussion points from an integrated standpoint (see figure below). At the same time, the original FMP will continue, within the context of this expanded organization, to pursue its initial objectives of 1) discussing issues from a neutral and objective standpoint, 2) sharing the results of its wide-ranging discussions with experts around the world, and 3) helping to form a community of experts.
The broader organization needs the guidance of financial market practitioners, financial and economic analysts, and financial and economic policymakers if it is to engage in useful discussion. We look forward to your continued support.