Money and Finance
Asia-Europe Meeting (ASEM) Finance Ministers Meeting
The first Asia-Europe Finance Ministers’ Meeting was held in September 1997, following the inaugural Asia-Europe Meeting (ASEM) in March 1996. Original members included ten Asian countries and the then fifteen members of the European Union (EU). In October 2004, ASEM was enlarged to include the ten new EU members and three new Asian members. Two countries joined the EU, hence the ASEM in 2007. More countries joined ASEM in 2008, 2010, and 2012. The European Commission and the Association of Southeast Asian Nation (ASEAN) Secretariat round out ASEM’s current 51 members.
One of the key pillars of ASEM is the Finance Ministers Process, which facilitates financial dialogue on matters of common interest between the two regions, including exchanges of views on international financial architecture, better implementation of existing supervisory principles and regulations in the financial sector, better information sharing on macroeconomic and financial developments, and enhancing macroeconomic policy consultation.
In June 2005, the Tianjin Initiative on Closer ASEM Economic and Financial Cooperation was adopted to strengthen ASEM’s economic and financial cooperation through enhanced policy dialogue, technical assistance, and exploring new approaches to further strengthen ASEM ties in the long term. Part of the initiative includes a thorough review of the ASEM Trust Fund to explore options for a future funding modality. The initiative also aims to strengthen capacity building between the two regions through broad-based and in-depth exchanges of experience by holding training seminars and workshops. It also created an ASEM Contingency Dialogue Mechanism for Emergent Economic and Financial Events and calls for further studies on recommendations made by the ASEM Taskforce on Closer Economic Partnership. These include the development of the Asian bond market through the creation of an ASEM “YES” Bond Market and an ASEM Bond Fund.
The original members of ASEM were Brunei Darussalam, the People’s Republic of China, Indonesia, Japan, Malaysia, the Philippines, the Republic of Korea, Singapore, Thailand, and Viet Nam for Asia and Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden, and the United Kingdom for the European Union. This was expanded in 2004 to include Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia for the European Union and Cambodia, the Lao People’s Democratic Republic, and Myanmar for Asia. In 2007, Bulgaria and Romania joined the EU. India, Mongolia, and Pakistan joined ASEM in 2008, followed by Australia, Russia, and New Zealand in 2010.
- Indonesia: [Tax Director-General] Fuad welcomes tax haven transparencyJakarta Globe17 Jun 2013
- People's Republic of China: RMB internationalization still has a long way to goChina Daily17 Jun 2013
- FX intervention default policy in Asia as [US] Fed fears riseBusiness Recorder17 Jun 2013
- [Republic of] Korea tightens capital flow checks to catch tax dodgersBloomberg16 Jun 2013
- Philippines: Foreign portfolio investments in May grow year-on yearBangko Sentral ng Pilipinas14 Jun 2013
- Foreign holdings of [Republic of Korea] bonds hit record highXinhua News Agency7 Jun 2013
Opinions and Editorials
- Remittances could be as sustainable as international development financeThe Independent15 Jun 2013
- ASEAN-EU: Financial services industryBusiness Mirror5 Jun 2013
- People's Republic of China: Developing Eurasia cooperationChina Daily28 May 2013
- New horizon for [People's Republic of] China-Germany tiesChina Daily25 May 2013
- Luxembourg banks pin hope on emerging East: [Luxembourg's Finance] Minister [Luc Frieden]Xinhua News Agency6 May 2013
- From Cyprus to Asia, lessons from a European banking disasterThe Jakarta Post8 Apr 2013
Studies and Research
- Sovereign Risk, Elections, and ContagionC. Li, C. Balding, and M. LeeAsian Development Bank31 May 2013
- Economic Stability and Choice of Exchange Rate Regimes S. KajiAsian Development Bank Institute19 Feb 2013
- Economic Impact of Eurozone Sovereign Debt Crisis on Developing AsiaM. Lee, D. Park, A. Abdon, and G. EstradaAsian Development Bank1 Jan 2013
- ADBI Annual Conference on Growth and Regional Integration in Asia and the Pacific in 2013 and BeyondAsian Development Bank Institute30 Nov 2012
- 9th ASEM SummitASEM Infoboard5 Nov 2012
- 10th ASEM Finance Ministers' MeetingASEM Infoboard15 Oct 2012
- ASEM Senior Officials' MeetingASEM Infoboard14 Oct 2012
- ASEM Senior Officials' MeetingASEM Infoboard1 Mar 2012
- 9th ASEM Finance Ministers' MeetingASEM Infoboard17 Apr 2010