Amro agrees with IMF, ESM to enhance collaboration

THE Asean+3 Macroeconomic Research Office (Amro) has signed agreements to improve collaboration with the International Monetary Fund (IMF) and the European Stability Mechanism (ESM).

Under a memorandum of understanding with the IMF, the two institutions pledged to enhance cooperation to respond more effectively to the needs of their common membership. The two parties will also exchange views on common members' economies and provide training and staff exchange opportunities.

"This agreement is a milestone to strengthen the partnership between Amro and the IMF to contribute to maintaining macroeconomic and financial stability in Asia through leveraging on each other's expertise, especially in the field of surveillance," said Amro director, Dr Junhong Chang at the signing ceremony with IMF managing director Christine Lagarde.

A separate memorandum of understanding with ESM will cover, among other things, the organisation of joint activities, joint research, technical cooperation, capacity building and staff exchanges.

Amro was set up in 2011 following an agreement among regional finance ministries to create an independent body for economic monitoring. The Asean+3 region includes South-east Asian countries along with China, Japan and South Korea.

The ESM, which was established in October 2012, is a permanent crisis resolution mechanism for the countries of the euro area.