Workshop on Economic Monitoring of Financial Systems in East and Southeast Asia

Abstract

As articulated in the Manila Framework, setting up a regional surveillance process is deemed essential in minimizing the risk of crisis recurrence. The ASEAN Finance Ministers endorsed the idea and requested the Asian Development Bank (ADB) to draw up a blueprint for its implementation. While there appears no disagreement over the principles, there is as yet little consensus on how such a process could be carried out. Clearly, the call for effective monitoring by the ASEAN Finance Ministers and the Manila Framework has to be substantiated and operationalized. To better understand the technical and institutional challenges of the ASEAN monitoring system, the Pacific Economic Cooperation Council (PECC), the Asian Development Bank (ADB) and the ADB Institute (ADBI), in cooperation with the University of Asia and the Pacific, the Asia Foundation, and the APEC Foundation of the Philippines organized the "Workshop on Economic Monitoring in East and Southeast Asia." This event, held in Manila on June 25 and 26 1998, brought together a distinguished group of central bankers, academics, think-tank representatives, research heads of ASEAN central banks and finance ministries, and financial market representatives from all over the region.