1. CMI & the (East) Asian Monetary Fund

2. ASEAN + 3 Finance Initiatives
Regional Financing Arrangement
Chiang Mai Initiative
Macroeconomic Surveillance
Economic Review and Policy Dialogue

3. Chiang Mai Initiative

4. How CMI works Currency Swap & Repo
10% can be drawn without linkage to IMF
Complement/supplement existing international financing facilities

5. Progress First phase: May 2000 – May 2004
BSA negotiations
16 BSAs – USD 36.5 billion
Second phase: May 2004 – May 2006
CMI Review
Increase size & 2-way swaps (BSAs – USD 75 billion, ASA – USD 2 billion)
Integrate surveillance into CMI
20% drawn without IMF linkage

6. Progress Third Phase: May 2006 – Present
Multilateralization of BSA network
Self-managed reserve pooling arrangement
Surveillance
Reserve eligibility
Size of commitment
Borrowing quota
Activation mechanism

8. Economic Review & Policy Dialogue

9. Economic Review & Policy Dialogue (ERPD)
ASEAN+3 macroeconomic surveillance
Voluntary participation
Self prepared economic reports based on common template
Interactive discussion at the Deputies level
Specific issue study
Group of Experts
ETWG

10. Towards a Regional Monetary Fund?
CMI + ERPD
EAMF

11. Thank You