At the 2nd Association of Southeast Asian Nations (ASEAN) Finance Ministers’ Meeting in February 1998, ASEAN agreed on the immediate creation of the ASEAN Surveillance Process (ASP) in line with the Manila Framework. In October 1998, Terms of Understanding for establishing the ASP was signed. Created to strengthen policymaking capacity, the ASP operates by peer review and mutual interest. The Ha Noi Plan of Action declared in December 1998 further reiterated the importance of the ASP in maintaining regional macroeconomic and financial stability.
The ASP reviews global, regional, and individual country developments, and monitors exchange rate and macroeconomic aggregates as well as sectoral and social policies. It facilitates consideration of policy options, encouraging member countries to develop prompt individual or collective responses to prevent crises. The ASP also provides a mechanism for sharing information and for developing early warning systems. To carry out these objectives, ASEAN Finance Ministers meet annually with ministries of finance and central bank deputies meeting semiannually.
Since its inception, the Asian Development Bank (ADB) has supported ASP goals, which includes training finance and central bank officials and providing technical support for a number of surveillance units in member countries as well as in the ASEAN Secretariat.
Current ASEAN members include Brunei Darussalam, Cambodia, Indonesia, Lao People’s Democratic Republic, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Viet Nam.
Ha Noi Plan of Action Association of Southeast Asian Nations (ASEAN) Secretariat (15 December 1998)
