Despite their successes in governing Singapore the PAP leaders believed that Singapore's future lay with Malaya due to strong ties between the two nations It was thought that the merger would benefit the economy by creating a common market which will support new industries solving the ongoing unemployment woes in Singapore However a sizeable pro-communist wing of the PAP was strongly opposed to the merger fearing a loss of influence and hence formed the Barisan Sosialis splitting from the PAP. This was because the ruling party of Malaya United Malays National Organisation (UMNO) was staunchly anti-communist and would support the non-communist faction of PAP against them UMNO who was initially sceptical of the idea of a merger as they distrust the PAP government and were concerned that the large Chinese population in Singapore would alter the racial balance on which their political power base depended changed their minds about the merger after being afraid of being taken over by pro-communists On 27 May 1961 Malaya's Prime Minister Tunku Abdul Rahman made a surprise proposal of a Federation of Malaysia comprising existing Federation of Malaya Singapore Brunei and the British Borneo territories of North Borneo and Sarawak the UMNO leaders believed that the additional Malay population in the Borneo territories would offset Singapore's Chinese population the British government for its part believed that the merger would prevent Singapore from becoming a haven for communism to secure the mandate of the people the PAP called for the 1962 Merger Referendum which provided different terms for merger with Malaysia but no options for avoiding it As a result on 16 September 1963 Singapore joined with the Federation of Malaya the Crown Colony of Sarawak and the Crown Colony of North Borneo to form the new federation of Malaysia under the terms of the Malaysia Agreement with Singapore being granted a high level of autonomy compared to other states in Malaysia! Common dishes and snacks Internal regional and international political conditions and events can have a profound effect on currency markets. Economic policy comprises government fiscal policy (budget/spending practices) and monetary policy (the means by which a government's central bank influences the supply and "cost" of money which is reflected by the level of interest rates). As of July 2012 SGX was in merger talks with the London Stock Exchange (LSE) and the two exchanges already signed a cross trading agreement. However on 20 July SGX said there are no plans for a takeover of or merger with LSE. ! Chin chow drink (???; xian cao shui) grass jelly made into a sweet beverage Peter Wright in his book Spycatcher claimed that in May 1968 Mountbatten attended a private meeting with press baron Cecil King and the Government's Chief Scientific Adviser Solly Zuckerman Wright alleged that "up to thirty" MI5 officers had joined a secret campaign to undermine the crisis-stricken Labour government of Harold Wilson and that King was an MI5 agent In the meeting King allegedly urged Mountbatten to become the leader of a government of national salvation Solly Zuckerman pointed out that it was "rank treachery" and the idea came to nothing because of Mountbatten's reluctance to act.
BN was also challenged in Sarawak after the 1974 election which saw the Sarawak National Party (SNAP) led by James Wong become tied with the DAP as the most important opposition party in Parliament both of them holding nine seats each SNAP had campaigned against BN on a platform of opposing Chief Minister Abdul Rahman Ya'akub's pro-Malay policies charging them with alienating the rural indigenous natives of Sarawak such as the Iban SNAP had been expelled from the Alliance in 1965 for supporting increased autonomy for Sarawak which was impossible to attain as Sarawak has already state their claim prior to their agreement in joining the Federation of Malaysia After the election results were released Abdul Rahman ordered the detention of James Wong under the Sedition Act SNAP elected a new leader Leo Moggie who secured the release of Wong and the entry of SNAP into BN in 1976. Second another specificity of international optimal monetary policy is the issue of strategic interactions and competitive devaluations which is due to cross-border spillovers in quantities and prices. Therein the national authorities of different countries face incentives to manipulate the terms of trade to increase national welfare in the absence of international policy coordination Even though the gains of international policy coordination might be small such gains may become very relevant if balanced against incentives for international noncooperation. .
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