what is better for ASEAN in the future ?if all countries in ASEAN united ?

Showing posts with label The Chiang Mai Initiative (CMI). Show all posts
Showing posts with label The Chiang Mai Initiative (CMI). Show all posts

The Chiang Mai Initiative (CMI)

The Chiang Mai Initiative (CMI) is an initiative under the ASEAN+3 framework which aims for creation of a network of Bilateral Swap Arrangements (BSAs) among ASEAN+3 countries. After 1997 Asian Financial Crisis member countries started this initiative to manage regional short-term liquidity problems and to facilitate the work of other international financial arrangements and organizations like IMF.
In May 2007, at the 10th meeting of ASEAN+3 Finance Ministers the CMI further progress was agreed upon.