Joint Ministerial Statement of the 11th ASEAN+3 Finance Ministers and Central Bank Governors Meeting, 4 May 2008, Madrid, Spain

Madrid, Spain  4 May 2008


1. We, the Finance Ministers of ASEAN, China, Japan and Korea (ASEAN+3), convened our eleventh meeting in Madrid, Spain, under the co-chairmanship of H.E. Vu Van Ninh, Minister of Finance of the Socialist Republic of Viet Nam and H.E. Fukushiro Nukaga, Minister of Finance of Japan.

2. We exchanged views on regional and economic and financial developments and policies and reviewed the progress of regional financial cooperation initiatives, including the Chiang Mai Initiative Multilateralisation, the Asian Bond Markets Initiative (ABMI) and the ASEAN+3 Research Group. We also explored ways to further enhance these initiatives.

Recent Economic and Financial Developments in the Region

3. The global economy faces a challenging period. While we remain positive about the long-term resilience of the global economy, the short-term economic prospects have weakened. Risks to the outlook come from the still unfolding events in financial markets, the potential worsening of housing and credit cycles and inflationary pressures driven by high energy and food prices.

4. The regional economy has continued its strong growth and is forecasted to remain robust although somewhat weaker. Nonetheless, several risks remain such as further worsening of the growth prospects, vulnerability of financial markets, and continued inflationary pressures from rising oil and non-oil markets commodity prices. We confirmed the importance of taking appropriate actions to ensure that economic activity continues at a sustained pace by balancing policies to deal with these risks. We are also committed to accelerating and deepening structural reforms to support sustainable economic growth in the region. We highly appreciate ADB initiatives to contribute to the stabilization of the food prices. In addition, we agreed to work closely with the ADB on regional and national initiatives to provide food security and stability of food prices for the regional economies.

5. Such recent economic developments remind us of the strong interaction between vulnerability of financial markets and the macro-economic situation. The countries in the Asian region have recorded strong growth by deepening intraregional trade of goods and services. The financial markets in Asia have become more interdependent with increasing cross-border financial transactions. In this context, we recognized the importance of continuing to enhance communication among authorities responsible for macroeconomic policies and financial supervision in the region.

Strengthening East Asian Financial Cooperation

-Chiang Mai Initiative-

6. On the Chiang Mai Initiative (CMI), we have been carrying out work on the key elements of the multilateralisation of the CMI since our last meeting in Kyoto, following the principle agreement that a self-managed reserve pooling arrangement governed by a single contractual agreement is an appropriate form of multilateralisation. We reiterated our commitment to maintain the two core objectives of the CMI: i) to address short-term liquidity difficulties in the region and ii) to supplement the existing international financial arrangements. We agreed that CMI Multilateralisation will be underpinned by rigorous principles to govern its key aspects, including economic surveillance, borrowing accessibility, activation mechanism, decision making rules and lending covenants, while keeping to timely disbursement.

7. We agreed that it is indispensable to build a credible system in ASEAN+3 to monitor the economic and financial situation of the member countries. As a start, we agreed to implement measures to strengthen the current Economic Review and Policy Dialogue (ERPD), such as increasing the frequency of the dialogues and developing a standardized format for the provision of necessary information and data. Such strengthened regional surveillance system will contribute to smooth and efficient decision making. We will further explore the International Financial Institutions’ (IFIs’) role in providing useful information when necessary as reference.

8. We also agreed that the total size of the multilateralised CMI would be at least US$80 billion, and that the proportion of the amount of contribution between the ASEAN and Plus Three countries would be “20:80”. We further agreed on key concepts of the borrowing accessibility, the activation mechanism and other elements. Based on the progress made thus far on some of the key elements of the multilateralisation of the CMI, we are committed to further accelerate our work in order to reach consensus on all of the elements which include concrete conditions eligible for borrowing and contents of covenants specified in borrowing agreements.

-Asian Bond Markets Initiative-

9. Along with the effort and progress made under the ABMI since 2003, the Asian bond markets have recorded remarkable growth in terms of size and diversity of issuers. We also took note of other progress and effort under the current ABMI such as studies on new securitized debt instruments, credit guarantee and investment mechanism, the suty on Asian Bond Standard and enhancing the credibility of the domestic credit rating agencies.

10. To further develop the Asian bond markets, we endorsed the New ABMI Roadmap. This new roadmap shows our renewed strong commitment to the concrete progress of ABMI, on the occasion of its fifth anniversary.

11. First, the new ABMI Roadmap focuses on the four key areas: i) promoting issuance of local currency-denominated bonds, ii) facilitating the demand of local currency-denominated bonds; iii) improving regulatory framework and iv) improving related infrastructure for the bond markets. The Steering Group will be established to monitor and coordinate the activities of the four Task Forces in charge of those areas.

12. Second, we agreed to make further voluntary efforts to contribute to more accessible regional bond market development in a concerted manner. In this regard, each country will make periodic self-assessments of its progress in line with the objective of ABMI. The reference will be introduced for this purpose.

13. Third, we recognized that the private sector plays an important role in the development of bond markets. In this regard, we welcomed the launch of a group consisting of private sector participants to discuss the cross-border bond transactions and settlement issues.


14. On the ASEAN+3 Research Group, we appreciated the various studies made by the Research Group on relevant topics including financial integration and capital market development in the region. We endorsed three study topics for 2008/09 Research Group activities: i) “Development of Corporate Credit Information Database and Credit Guarantee System”; ii) “The Trend of Trade, Foreign Direct Investment, and Monetary Flows in East Asia”, and iii) “New Financial Products and their Impact on the Asian Financial Markets”.

15. We also welcomed the various efforts made by the Technical Working Group on Economic and Financial Monitoring (ETWG) and the Group of Experts (GOE) to strengthen regional surveillance capacity.


16. We expressed our appreciation to the governments of the Socialist Republic of Viet Nam and Japan for their excellent arrangements as co-chairs of the ASEAN+3 Finance Ministers’ Process in 2008. We also thanked the Government of Spain for its hospitality and kind cooperation.

17. We agreed to meet in Bali, Indonesia, in 2009. The Kingdom of Thailand and the Republic of Korea will be co-chairs of the ASEAN+3 Finance Ministers’ Process in 2009.

slot deposit pulsa

login slot terbaik

agen judi slot online

bandar togel online

link login sbobet terpercaya

Bandar judi poker indonesia

agen judi poker online

link login slot online

situs judi slot terbaik

slot online indonesia

agen judi slot

bandar judi slot terlengkap

slot online login





trik bermain slot online

daftar judi slot panen138

judi slot138 terpercaya

login judi slot bd138

agen judi slot online terbaik

daftar slot online

bandar judi slot deposit pulsa

agen judi slot online

bandar judi slot deposit pulsa

judi slot online

daftar slot online

judi slot online

slot online mobile

pasar jackpot slot

bandar slot online indonesia

judi joker123 terpopuler

bandar slot joker123

daftar judi joker123 terpercaya

cara login joker123

slot joker terpercaya 2021

login game judi slot joker123

togel online hongkong

agen casino sbobet


agen bdslot88

daftar bdslot88

judi slot deposit pulsa

situs bdslot88

daftar bdslot88


login bonanza138

daftar bonanza138

slot bonanza138

situs bonanza138

Link alternatif bonanza138

situs bonanza138

agen slot bonanza138


slot deposit pulsa

situs togel online

situs idn poker

link sbobet indonesia

togel online resmi indonesia

judi slot online resmi

agen slot online terpercaya

slot online terpercaya indonesia

jackpot judi slot online

slot online resmi terpercaya

situs sbobet terlengkap

situs judi online terbaik

agen bola sbobet

situs poker online terlengkap

situs joker123 terlengkap

joker123 resmi terpercaya

daftar judi slot joker123

situs idn poker resmi

situs slot online gacor

agen sbobet mobile

link daftar judi slot online

situs judi slot online deposit pulsa

judi poker

judi poker domino online

judi poker indonesia

judi poker resmi

situs judi poker resmi

website judi poker online

bandar judi poker

judi poker di indonesia

judi poker online terdahsyat

dewa poker judi online

judi bola slot

judi online mesin bola tangkas

agen judi bola asia

judi bola online terbaik

bursa judi bola

judi bola online

agen judi bola dunia

istilah dalam judi bola

judi bola terbaik terpercaya

dunia judi bola

judi slot online apk

agen slot online terpercaya

game slot online terpercaya

apk slot online

link judi slot online

menang slot online

slot game online terpercaya

judi slot online deposit pulsa

joker game slot online

situs slot online indonesia

daftar judi slot online

situs agen slot online

situs daftar slot online

game slot online

game judi slot online

slot online resmi terpercaya

cara daftar slot online

slot online gacor terus

agen slot online terbaru

situs login joker123

daftar joker123 terlengkap

jackpot terbaik slot online

joker123 deposit pulsa terpercaya

link login sbobet moblie

slot tanpa potongan pulsa

situs slot online terbaik 2021

bandar slot online terpercaya

bandar joker123 terpercaya

link judi slot online

joker online slot resmi

judi slot online pulsa

slot online deposit pulsa

agen slot online 2021

slot online paling gacor

slot online pragmatic

agen bola resmi sbobet

slot online deposit pulsa

situs judi slot terbaik

situs judi slot terbaik

slot game online terpercaya

judi slot online deposit pulsa

live slot online

judi slot online apk

slot pulsa terpercaya

Agen BD138



daftar bonanza138

daftar bonanza138

login bonanza138

daftar slot bonanza138

agen slot bonanza138

idn poker online terpercaya

idn poker online terbaik

poker online terpercaya

judi poker online terbaik

situs poker online

bandar poker online terpercaya

daftar poker online idn

bandar poker online terbesar

agen poker terbaik

situs poker online indonesia

agen idn poker online

login idn poker

agen poker online terpercaya

agen judi poker terbaik'

situs taruhan poker online

bandar taruhan poker online

trik bermain poker idn

agen idn poker online

agen judi poker online

taruhan poker online resmi

situs taruhan poker terbaru

situs poker online terpercaya

bandar judi poker online terbaik

situs idn poker terpercaya

situs idnplay resmi terpercaya

agen poker online idn

agen poker online

bandar poker online terbaik