East Asian nations to upgrade regional economic watchdog

East Asian countries have agreed to take necessary steps to upgrade the region's first economic and financial surveillance body, AMRO, to the status of an international organization.

Friday, April 05, 2013 14:42

East Asian countries have agreed to take necessary steps to upgradethe region's first economic and financial surveillance body, AMRO, tothe status of an international organization.

At ameeting on the sidelines of the ASEAN Finance Minister Meeting (AFMM)in Brunei from April 1-4, finance and central bank deputies from 13East Asian countries affirmed the need to enhance the position andpower of AMRO to the same level as those of financial institutions suchas the Asian Development Bank (ADB) and the International Monetary Fund(IMF).

The issue will also be tabled in the ASEAN + 3(ASEAN plus China, Japan and the Republic of Korea )Finance Minister Meeting in May, within the framework of the ADB’sannual meeting.

AMRO, found on April 2011, aims atmonitoring and analysing the regional economies, as well as overseeingthe implementation of the Chiang Mai Initiative Multilateralization(CMIM) Agreement which took effect in 2010.-VNA

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