The ASEAN+3 Finance Ministers Cooperation (AFMM+3) was established in 1999 at the behest of the ASEAN + 3 Leader’s Summit in Manila in November 1999 and convened their 1st Meeting in Chiang Mai, Thailand in May 2000.  The AFMM + 3 agreed to strengthen policy dialogue, coordination and collaboration on the financial, monetary and fiscal issues of common interest, focusing initially on issues related to macroeconomic risk management, enhancing corporate governance, monitoring regional capital flows, strengthening banking and financial systems, reforming the international financial architecture, and enhancing self-help and support mechanisms in East Asia through the ASEAN+3 Framework. The AFMM+3 welcome the participation of the Central Bank Governors in order to strengthen regional economic monitoring and to enhance regional financial cooperation. The AFMM+3 was then transformed into the ASEAN+3 Finance Ministers and Central Bank Governors Meeting (AFMGM+3) in 2012.