This paper aims to explain the ASEAN+3 Macroeconomic Research Office’s (AMRO’s) surveillance framework and practices in non-crisis time and compare them with those of other Regional Financing Arrangements (RFAs).

AMRO’s successful take-off as a “regional family doctor” can be attributed to the following factors. First, getting granted a formal mandate for surveillance is key to ensuring the full support and cooperation of member authorities. Second, having regular surveillance cycles and procedures in place during peacetime is essential in guiding crisis-time surveillance. Third, strengthening emergency lending facilities would contribute to the effectiveness of surveillance. And fourth, highly integrated regional economies highlight the case for strong regional surveillance to mitigate the risk of potential intra-regional spillovers.