Former Prime Minister Thaksin Shinawatra, on Facebook, warned Friday that a lack of cooperation between the central bank and the Finance Ministry in reining the strengthening baht could lead to a new financial crisis for Thailand. Thaksin said Thailand export is a critical engine of growth for Thailand, and policy makers should look medium term to long term, not just short term. Thaksin said Japan, falling into a decades of stagnant growth, but now Japan could achieve a GDP growth of 3.5 per cent in the first quarter because the Bank of Japan works directly under the Japanese government. Thaksin said, the 2006 coup, change the rules in Thailand, resulting in a Thai Central Bank that did not have to listen to the government. He said a problem for Thailand was that the Bank of Thailand is now entirely independent from the Thai government, and acted on its own, an refusing to listen to the government. “They [the Japanese] have a holistic approach to deal with their economic problems. Their monetary policy and the fiscal policy are well united,” Thaksin said. Earlier, Thaksin criticized the current military drawn constitution, saying the constitution, divided power-up in Thailand, into independent sections, that there is no coordination between the different units (Source: Thaksin Facebook).
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