Naoyuki Shinohara, a deputy managing director of the IMF, on Wednesday said that after nearly two years of global economic and financial upheaval, shockwaves were still being felt in Asia's economies.

Speaking at a public lecture in Singapore, Shinohara used the experience in Europe to draw on the global nature of market volatility, outlining "three clear messages" from the example.

First, he said no country or region stands alone in the modern global economy, adding that this was true for Asia