The definition of the leaders ‘meeting of East Asia and Pacific Central banks – EMEAP’
At a Directors ‘ meeting of East Asia and Pacific Central banks – EMEAP is an organization of 11 Central banks from the Southeast and Pacific Asia, which aims to foster good relations between the participating countries. The organization, which was established in 1991, conducts annual and semiannual meetings, and creates working groups to discuss and analyze current economic and financial developments in the region.
The current activities of EMEAP are divided into three levels: first, meetings of the governors; secondly, the Assembly of deputies and monetary and financial stability Committee (Ministry), which includes members and finally working groups. Working group, working group on payment and settlement systems (WG/PSS), WG on financial markets (WG/FM) and the working group on banking supervision (RG/RV). In addition to these working groups is the meetings of it Directors’ (ITDM).
Meeting breaking down the ‘leaders’ in East Asia and Pacific Central banks – EMEAP’
An example of a project undertaken by the EMEAP is the establishment of the Asian bond funds. The organization believes that debt markets in the region were significantly underdeveloped and, as a consequence, a relatively small number of investors are investing in Asian bond markets compared to those in the West. Asian bond funds were created to fix this problem.
Member Central banks include: Reserve Bank of Australia, people’s Bank of China, monetary authority of Hong Kong, Indonesia, Bank of Japan, Bank of Korea, Bank Negara Malaysia, Reserve Bank of New Zealand, Central Bank of the Philippines, the monetary authority of Singapore and Bank of Thailand.
EMEAP was established in 1991. According to the organization, site, Executive level meetings were held twice a year for informal information exchange and discussion of ideas relating to economic and financial developments in the region. Frequent and regular contact helped the development of closer cooperation between the Central banks of parties that paved the way for the further development of EMEAP.
In 1996, amid increasing interdependence of the economies of the participating countries, we strengthened the structure of EMEAP activities. The first meeting of EMEAP governors placed on the Bank of Japan, held in Tokyo on July 19. During the meeting, two important decisions were taken: one to hold the governors meeting once a year; and two, to establish two working groups (WG financial market development and banking operations WG) and study group (SG banking supervision) to conduct research on the basic functions of Central banks.
The Asian Bond Fund initiative (ABF) was an important milestone in Central Bank cooperation in Asia. First EMEAP Central banks and monetary authorities to allocate a small portion of its foreign exchange reserves for collective investment in domestic bonds in Asia for broadening and deepening of bond markets in Asia. In June 2003, EMEAP launched the first stage of ABF (ABF1), which invests in a basket of us dollar-denominated U.S. bonds issued by Asian sovereign and quasi-sovereign bond issuers in the countries (except Australia, New Zealand and Japan). Building on the success of ABF1, EMEAP has worked to extend the ABF concept to bonds denominated in local currencies, and announced the beginning of the second phase of ABF (ABF2) in December 2004.
Over the past decades, EMEAP constantly analyzes its direction and activities to ensure the work of the group has consistently supported its overall goal of strengthening regional cooperation. In this regard, the Committee on monetary and financial stability was established in 2007, which was tasked with improving macro-monitoring and crisis management mechanisms EMEAP.