New Asian Body to Guard Against Another Financial Crisis

      May 03, 2011 11:24

      An Asia-wide organization will be officially launched this month to check on the economic situation in the ASEAN + 3 countries with a view to preventing a financial crisis in the region. The "+3" are Korea, Japan and China.

      According to the Ministry of Strategy and Finance on Monday, the ASEAN+3 Macroeconomic Research Office will be launched at the finance ministers meeting of the group in Hanoi, Vietnam on Wednesday.

      Prior to the meeting, the finance ministers of Korea, China and Japan will meet to coordinate their views.

      The office, headquartered in Singapore, will monitor the macroeconomic situation in the 13 member states and give them advice on crisis prevention. It will lay the basis for determining the amount and terms of support for members if a financial crisis occurs in the region and members need emergency financial help.

      Emergency fund will be provided to members through the Chiang Mai Initiative Multilateralization, an Asian monetary fund or a multilateral currency swap arrangement worth US$120 billion that was launched in March last year.

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