More to sustainability than action on climate change, says MAS chief

Policies must avoid supply and demand imbalance that leads to inflation

- Ovais Subhani

The concept of sustainability goes beyond climate change and runs through the gamut of policies that ensure economic stability, said the managing director of the Monetary Authority of Singapore.

Speaking at a virtual conference on Wednesday, Mr Ravi Menon said sustainable use of resources is key to reversing the negative impacts of climate change.

At the same time, policymakers should pay more attention to achieving sustainable economic growth and promoting a sustainable work environment for their people to avoid the kind of demand and supply imbalance that has sent inflation spiralling to highs not seen in decades.

"Everything we do as central banks and as regulators, and I would also say what governments should be doing, is to think about sustainability," he said at a fireside chat at the 2022 Symposium on Asian Banking and Finance, which is co-hosted by the Federal Reserve Bank of San Francisco and MAS.