AMRO Joins ASEAN+3 Leaders’ Summit (October 2021)
Mr. Toshinori Doi, Director of the ASEAN+3 Macroeconomic Research Office (AMRO) has been invited to join the 24th ASEAN+3 Leaders’ Summit as an observer.
Watch AMRO: 10 years of contributing to macroeconomic and financial stability in ASEAN+3
AMRO is an international organization responsible for conducting macroeconomic surveillance in the ASEAN+3 region. Established in April 2011, our vision is to be an independent, credible and professional regional organization acting as a trusted policy advisor to members in the ASEAN+3 region.
Watch: AMRO and the CMIM
During the Asian financial crisis in 1997-1998, some 30% of the region’s combined GDP was lost. The crisis devastated many Asian economies, destroyed well-established companies, and put millions of people in hardship.
ASEAN+3 Financial Safety Net More Important Than Ever
On May 3, 2021, the finance ministers and central bank governors of ASEAN+3 members — comprising the 10 Southeast Asian countries, and China, Japan and Korea — stressed that the Chiang Mai Initiative Multilateralisation (CMIM) facility should take on a more instrumental role in catering to members’ needs, amid the unprecedented economic turmoil wrought by the COVID-19 pandemic.
The Amended Chiang Mai Initiative Multilateralisation (CMIM) Comes Into Effect on 31 March 2021
The amended Chiang Mai Initiative Multilateralisation (CMIM) Agreement, which is a regional financing arrangement among the Finance Ministers and Central Bank Governors of the ASEAN member states, China, Japan and Korea (ASEAN+3) and the Monetary Authority of Hong Kong, China, came into effect on 31 March 2021.
Synergizing ASEAN+3’s Regional and Bilateral Swap Arrangements for Greater Emergency Financing
The Chiang Mai Initiative Multilateralisation (CMIM), with a financing capacity of USD240 billion, aims to provide emergency financing for ASEAN+3 economies in the event of short-term financial shocks.
International Financial Institutions’ Response to Countries’ Diverse Needs Amid COVID-19
One year on, the COVID-19 pandemic has caused massive human casualties, with more than 70 million confirmed infections worldwide and causing more than 1.5 million deaths.
Enhancing the ASEAN+3 Regional Financial Safety Net against Crisis
During his presentation for the UNESCAP Virtual Expert Group Meeting held on November 18, AMRO Deputy Director Mr. Wenxing Pan highlighted the recent COVID-19 developments in the ASEAN+3 region, as well as the amendments to the Chiang Mai Initiative Multilateralisation to strengthen the region’s financial safety net.
Presentation: Enhancing CMIM-Regional Financial Safety Net against Crisis
Presentation on the Enhancing CMIM-Regional Financial Safety Net Against Crisis at the ESCAP Export Group Meeting.
ASEAN+3 Countries Renew Commitment to Strengthen the Regional Financial Safety Net
The past century witnessed heightened frequency and magnitude of financial crises, and the global communities’ response to them have largely shaped the modern international financial system that is in place today.