ASEAN banks consider 'various options'<\/p>\n
KUALA LUMPUR (AFP): ASEAN central banks are considering
\n\"various options\" to supplement economic adjustment programs
\narranged by the International Monetary Fund (IMF), the Malaysian
\ncentral bank said yesterday.<\/p>\n
Bank Negara Malaysia said the new forum planned to meet
\nregularly to discuss \"regional economic and financial
\ndevelopments in the global context\" as part of their closer
\ncooperation.<\/p>\n
The statement followed an inaugural meeting of deputy
\ngovernors from six central banks and monetary authorities.<\/p>\n
During the two-day meeting which ended here Wednesday, \"the
\nforum discussed the framework for assessing economic and
\nfinancial developments in the region with a view to strengthen
\nmonetary and financial cooperation and to identify potential
\nrisks and policy options,\" the statement said.<\/p>\n
\"The forum considered various options for establishing
\nfinancial arrangements to supplement IMF adjustment programs and
\nthe relationship of such arrangements with other regional
\nfinancing initiatives currently under discussion,\" it added.<\/p>\n
Among the six members of the Association of Southeast Asian
\nNations taking part in the meeting, Indonesia and Thailand have
\nrecently concluded financial rescue packages with the IMF.<\/p>\n
Other ASEAN central banks participating in the forum are
\nBrunei, Malaysia, the Philippines and Singapore.<\/p>\n
Bank Negara said the IMF director of the regional office for
\nAsia and the Pacific was also present at the two-day meeting.<\/p>\n
The Malaysian central bank said the new forum formalized the
\nlong history of informal consultations and cooperation between
\nASEAN central banks.<\/p>\n
\"Recent developments in financial markets pointed to a need
\nfor a more formal and multilateral policy dialogue among ASEAN
\ncentral banks and monetary authorities to discus common policy
\nissues and concerns and to promote policies that ensure price
\nstability, sound financial systems and long-term growth in the
\nregion,\" the statement said.<\/p>\n
\"Members will share experiences which will help anticipate
\neconomic and financial risks and exchange technical assistance
\nand policy advice where appropriate on possible solutions to
\neconomic and financial issues.<\/p>\n
\"The ASEAN central bank forum will also discuss various
\noptions to foster a common ASEAN position in its relations with
\nother international and regional institutions,\" the statement
\nsaid.<\/p>\n
Bank Negara added that deputies would report to central bank
\ngovernors and \"may highlight relevant issues to the select
\ncommittee of ASEAN central bank and finance officials, which is
\nresponsible for discussing issues that require the attention of
\nthe ASEAN finance ministers.\"<\/p>\n
With the exception of Brunei, the countries represented in the
\nnew forum are also members of a wider group of central banks
\nwhich includes Australia, China, Hong Kong, Japan, South Korea
\nand New Zealand.<\/p>\n
Known as the Executive Meeting of East Asia and Pacific
\n(EMEAP) central banks, the 11-member group held its first meeting
\nof central bank governors in Tokyo last year. A second meeting
\nwas held in Shanghai in July this year.<\/p>",
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