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Regional Surveillance for East Asia: How Can It Be Designed to Complement Global Surveillance?

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  • Regional Surveillance for East Asia: How Can It Be Designed to Complement Global Surveillance?
  • Asian Development Bank (ADB)


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Title Regional Surveillance for East Asia: How Can It Be Designed to Complement Global Surveillance?
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Material Type Reports
Publisher

Asian Development Bank (ADB)

Date 2010
Series Title; No Regional Economic Integration Working Papers
Language English
File Type Link
Subject Economy < Financial Policy
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Abstract

This paper discusses conceptual and operational issues related to regional surveillance for East Asia, which is a topic that has assumed considerable prominence in recent months. The need for regional surveillance is both immediate and evolving. For the immediate need, a surveillance mechanism must cover the operational requirements of the Chiang Mai Initiative Multilateralization (CMIM) as a conditional lending facility. At the same time, it must also respond to East Asia's evolving need for a formal framework of policy dialogue and cooperation as economic integration deepens and macroeconomic interdependence strengthens.;The paper discusses six principles that can help guide the design of an effective regional surveillance mechanism for East Asia: (i) avoid duplication with other organizations, (ii) clearly define the purpose of surveillance, (iii) centralize surveillance activities in a single organizational unit, (iv) use objective indicators to inform analysis, (v) design the governance structure to ensure independence, and (vi) provide analysis and recommendations directly to senior policymakers.