Philip Lowe the assistant governor of the reserve bank of Australia said that Asia and Australia were more successful than other regions in providing a resilient and strong financial system that support economic growth. Philip added that Asia's experience of the financial crisis is proving the importance of a strong bank regulation and flexibility in policy making.

However, Lowe said that interest rate cuts were a key to recovery and that low levels of public debt and a credible monetary policy framework helped monetary policy makers to respond in an effective way to the changing economic conditions.