Asian financial arrangement: Regionalism vs. multilateralism  

On May 4, 2011, the ASEAN+3 Macroeconomic Research Office (AMRO), an independent surveillance and regional monitoring office, was officially established during the 14th ASEAN+3 Finance Ministers’ Meeting in Hanoi, Vietnam, which was held during the 44th annual meeting of the Asian Development Bank.  AMRO is crucial to the operation of the Chiang Mai Initiatives Multilateralization (CMIM). This is a positive development after the 1997-1998 Asian financial crisis. However, technical coordination with multilateral institutions, especially the IMF, is needed so that regionalism will not be in conflict with nor irrelevant to multilateralism. (The Jakarta Post)

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