SINGAPORE, June 7: The end of Southeast Asia's economic crisis and a return to growth are possible only when a proper banking and financial system is in place, Singapore's deputy prime minister Tony Tan said.He was speaking on Saturday at the Massachusetts Institute of Technology on Singapore's economic experience and the region's financial crisis. A copy of the speech was made available on Sunday.Tan said it was necessary to establish properly regulated and well supervised banks and Financial institutions. "This will take considerable time and effort to achieve, but if governments in the region have the necessary will and determination, the regional economies can return to the path of sustainable growth within three to five years," he said. He said Indonesia was the main worry in the short term, but added it was reassuring that political transition had occurred smoothly.
