Editing ASEAN (section)

====Financial integration roadmap====
The roadmap for financial integration is the latest regional initiative that aims to strengthen local self-help and support mechanisms. The roadmap's implementation would contribute to the realization of the AEC. Adoption of a common currency, when conditions are ripe, could be the final stage of the AEC. The roadmap identifies approaches and milestones in capital market development, capital account and financial services liberalization, and ASEAN currency cooperation. Capital market development entails promoting institutional capacity as well as the facilitation of greater cross-border collaboration, linkages, and harmonization between capital markets. Orderly capital account liberalization would be promoted with adequate safeguards against volatility and systemic risks. To expedite the process of financial services liberalization, ASEAN has agreed on a positive list modality and adopted milestones to facilitate negotiations. Currency cooperation would involve the exploration of possible currency arrangements, including an ASEAN currency payment system for trade in local goods to reduce the demand for US dollars and to help promote stability of regional currencies, such as by settling intra-ASEAN trade using regional currencies.<ref name="ReferenceB" />
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In regards to a common currency, ASEAN leaders agreed in November 1999 to create the establishment of currency swaps and repurchase agreements as a credit line against future financial shocks. In May 2000, ASEAN finance ministers agreed to plan for closer cooperation through the [[Chiang Mai Initiative]] (CMI).<ref>Financial Integration and Common Currency Area in ASEAN</ref> The CMI has two components, an expanded ASEAN Swap Arrangement (ASA), and a network of bilateral swap arrangements among the ASEAN Plus Three. The ASA preceded the [[1997 Asian financial crisis]] and was originally established by the monetary authorities of the five founding member states to help meet temporary liquidity problems. The ASA now includes all ten member states with an expanded facility of US$1 billion. In recognition of the economic interdependence of [[East Asia]], which has combined foreign exchange reserves amounting to about US$1 trillion, a network of bilateral swap arrangements and repurchase agreements among the [[#ASEAN Plus Three|ASEAN Plus Three]] has been agreed upon. The supplementary facility aims to provide temporary financing for member states with balance-of-payments difficulties. In 2009, 16 bilateral swap arrangements (BSAs) were concluded with a combined amount of about US$35.5 billion.<ref name="ReferenceA">Chiang Mai Initiative Multilateralzation</ref> The CMI was signed on 9 December 2009 and took effect on 20 March 2014 while the amended version, the multilateralization of CMI (CMIM), was on 17 July 2014. The CMIM is a multilateral currency swap arrangement governed by a single contractual agreement. In addition, an independent regional surveillance unit called the [[ASEAN+3 Macroeconomic and Research Office]] (AMRO) was established to monitor and analyze economies and to support the CMIM decision-making process.<ref name="ReferenceA"/> The amendments would allow access for the auction of a crisis prevention facility. These amendments are expected to fortify CMIM as the region's financial safety net in the event of any potential or actual liquidity difficulty.<ref>The Amended Chiang Mai Initiative Multilateralization (CMIM) Comes into Effect Today, 17 July 2014 Media Releases</ref>

During peacetime, the AMRO would conduct annual consultations with individual member economies and prepare quarterly-consolidated reports on the macroeconomic assessment of the ASEAN+3 region and individual member countries. In a time of crisis, the AMRO would prepare recommendations on any swap request based on macroeconomic analysis of a member state and monitor the use and impact of funds once an application is approved. AMRO was officially incorporated as a company limited by guarantee in Singapore on 20 April 2011. Governance of AMRO is being exercised by the executive committee (EC) and its operational direction by the Advisory Panel (AP). AMRO is currently headed by Dr Yoichi Nemoto of Japan, who is serving his second two-year term until 26 May 2016.<ref name="ReferenceA"/><ref name="ReferenceB"/>
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