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.