The Control Yuan yesterday proposed corrective measures for the Executive Yuan and the Ministry of Finance for their administrative failure to map out appropriate plans to improve the country's hobbling financial system.
The watchdog body also blamed the Cabinet for not carrying out necessary reforms.
"A lack of resolve led to the government's failure to carry out plans related to the reforms that it had pledged. This resulted in few improvements that could have beefed up the country's international competitiveness," the Control Yuan paper said.
Four Control Yuan members -- Huang Huang-hsiung (
"The investigation was launched since the country was in a crucial point of financial restructuring after accession to the WTO," Huang Huang-hsiung said.
The Control Yuan members thus believed that a comprehensive checkup of the government's performance and achievements was necessary," he said.
"The investigation group found that the government was unable to target needed enhancements at the core of the long-standing financial problems.
"Despite witnessing numerous financial restructuring plans as part of Cabinet pledges, the local financial environment has nevertheless deteriorated," Huang told reporters.
He explained that the majorproblem was that there are too many financial institutions competing for a limited market. The competition sparked off a challenge of deficient profit making, the Control Yuan member said.
The non-performing loan ratio worsened while the government had not done everything it could to solve the problem, the investigation's report stated.
The team of four further expressed regret that the government could not demonstrate its determination to engage in reforming the financial system.
They used South Korea as a benchmark, saying that Seoul showed resolute determination in financial reform government after the country was hit by the Asian financial crisis and followed through on its avowal to save the ill-fated financial system.
A determination to advance the comprehensive reform plan was key to the success of the country's financial achievements, the report said.
"In comparison to South Korea, our government was rather sluggish in pushing forward the promised restructuring and the unveiled reform plans that didn't deal with the key problems of the long-standing financial abuses," the report said.
The Control Yuan members also suggested that the government must reprioritize the amount of attention it pays to financial institutions in differents states of health.
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