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Jakarta Post

Asian financial arrangement: Regionalism vs multilateralism

  • Maria Monica Wihardja

    The Jakarta Post

Jakarta   /   Thu, May 12 2011   /  08:00 am

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.

Wei Benhua from China was appointed as the director of AMRO.

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.

After the Asian financial crisis, ASEAN+3 economists, some of whom were disappointed with the management of the crisis under the IMF, realized the need to establish an e...