The creation of ASEAN+3
has represented a degree of cooperation difficult to imagine before the 1997-1998 crisis.
New Zealand and the United Nations; the ASEAN+3
Summit (with China, Japan and
KEYWORDS: regionalism, East Asia, ASEAN+3
, Chiang Mai Initiative, Six-Party Talks, Shanghai Cooperation Organization, economics, security, multilateralism
This material was prepared as part of the Asian Development Bank's technical assistance project entitled "An ASEAN+3
Framework for the Development of Early Warning Systems.
While these developments are still in their infancy, the ASEAN+3
meetings and proposals for new regional institutions, including an Asian Monetary Fund, have potentially profound implications for Australia.
This will help make the ASEAN+3
bond market more transparent, liquid, efficient, credible, and deep.
On 3 May, ASEAN+3
announced a doubling of the CMIM to $240 billion and an increase in the amount countries can access without IMF conditionalities.
finance officials will also meet on the sidelines of the meeting.
MAY 2011 4th The 14th ASEAN+3
Finance Ministers' Meeting opens in Hanoi.
The leaders are also likely to agree on the promotion of regional financial cooperation, such as the operationalization since May of the ASEAN+3
Macroeconomic Research Office, a regional economic research and surveillance body aimed at preventing financial turmoil.
Rather, he suggests, ASEAN+3
should lead the monetary cooperation, in which Korea can play the role of mediator between China and Japan, as well as between small ASEAN and other East Asian countries.
East Asia is coming together and Australia -- let's not forget -- has missed out on an invitation to join critical ASEAN+3
trade discussions (this grouping joins the 10 South East Asian countries, or ASEAN, with the three major north-east Asian countries China, Japan and South Korea).