At the GRIPS Forum held on 23rd February, 2009, Prof. Dr. Ir. Ginandjar Kartasasmita, who is currently Chairman of the PPIJ (Indonesia-Japan Friendship Association) and Head of Indonesia’s Regional Representatives Council (DPR-RI), gave a lecture titled “the Tale of Two Crises: Political Response to Economic Crisis: Lesson from Indonesia.” Prof. Dr. Ir. Ginandjar dealt with the Asian Financial Crisis in 1997 as the Head of Bappenas and later as the Coordinating Minister of the Economy, Finance and Industry of Indonesia.

Prof. Dr. Ir. Ginandjar shared his views on the current financial crisis in comparison with the 1997 Asian financial crisis. He pointed out that despite some similarities between the two crises such as collapse of the financial system and temporary nationalization of financial institution, there were marked differences in terms of origin, causes and extent. He pointed out the importance of avoiding protectionism or trade war, and proposed global cooperation for urgent recovery in view of the world-wide recession that includes the developed countries, which was not the case in the 1997 Asian financial crisis.