New ASEAN Financial Integration Report
The Central Bank Governors from ASEAN Member States (AMS) launched the Summary Report entitled “The Road to ASEAN Financial Integration – A Combined Study on Assessing the Financial Landscape and Formulating Milestones for Monetary and Financial Integration in ASEAN” at the sidelines of the 9th ASEAN Central Bank Governors’ Meeting yesterday in Brunei Darussalam.
The Summary Report highlights ASEAN’s financial integration framework in the areas of financial services, capital account, payments and settlement systems, and capital markets. These efforts will be complemented by capacity-building initiatives, infrastructure building, and an enabling intermediation environment that is effective and efficient for financial flows, while ensuring that appropriate safeguards are in place to preserve financial stability. Taking into account the diversity of financial market development, economic structure and priorities in establishing the necessary preconditions among AMS, the Report emphasises that the implementation process of the key milestones needs to be managed effectively. In this regard, individual AMS will be accorded flexibility to determine the timelines and preconditions corresponding to the state of preparedness of their economies.
The Summary Report is a joint initiative of the ASEAN central banks and monetary authorities, the ASEAN Secretariat and the Asian Development Bank. The Central Bank Governors view this Report as an important reference for ASEAN to further guide its financial integration process.
The Summary Report is available for viewing here.
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The Association of Southeast Asian Nations, or ASEAN, was established on 8 August 1967 in Bangkok, Thailand, with the signing of the ASEAN Declaration (Bangkok Declaration) by the Founding Fathers of ASEAN: Indonesia, Malaysia, Philippines, Singapore and Thailand. Brunei Darussalam joined ASEAN on 7 January 1984, followed by Viet Nam on 28 July 1995, Lao PDR and Myanmar on 23 July 1997, and Cambodia on 30 April 1999, making up what is today the ten Member States of ASEAN.Menu - WHAT WE DO
ASEAN organs always strive to achieve ASEAN’s goals and objectives, the Secretary-General of ASEAN and the ASEAN Secretariat shall be functioned as coordinating Secretariat to help facilitate effective decision-making withing and amongst ASEAN bodies. In addition, each Member State shall appoint a Permanent Representative to liaise with Secretary-General of ASEAN and the ASEAN SecretariatÂ
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ASEAN shall develop friendly relations and mutually beneficial dialogues, cooperation and partnerships with countries and sub-regional, regional and international organisations and institutions. This includes external partners, ASEAN entities, human rights bodies, non-ASEAN Member States Ambassadors to ASEAN, ASEAN committees in third countries and international organisations, as well as international / regional organisations.
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The rodmap for an ASEAN Community (2009-2015) was declared by the leaders in 2009. The ASEAN Community, anchored on three community pillars: Political-Security Community, Economic Community, Socio-Cultural Community was launched in 2015. The ASEAN 2025: Forging Ahead Together was introduced in 2015 as a Post-2015 Vision. It comprises the ASEAN Community Vision 2025, the ASEAN Political-Security Community Blueprint 2025, the ASEAN Economic Community Blueprint 2025 and the ASEAN Socio-Cultural Community Blueprint 2025
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