Masahiro Kawai Asian Development Bank Institute The First OECD-Southeast Asia Regional Forum “Peer Review Mechanism for Policy Reform” Organized by OECD Jakarta, 23-24 January 2007
Outline 1. Key Issues 2. ASEAN+3 Finance Ministers’ Process 3. ASEAN+3 Economic Review and Policy Dialogue (ERPD) 5. Role of Private Sector Assessments 6. Enhancing ASEAN+3 ERPD 7. Challenges Ahead
Introduction: Key Issues What is peer review in East Asia? What should be its objectives? How does the ADB contribute? Is there a role for the private sector? What are the major challenges for improving ASEAN+3 ERPD?
ASEAN+3 Finance Ministers’ Process Key Initiatives: - Chiang Mai Initiative (CMI)
- Economic Review & Policy Dialogue (ERPD)
- Asian Bond Markets Initiative (ABMI)
ASEAN+3 ERPD Key elements Finance Ministers’ Meeting Finance & Central Bank Deputies’ Meeting National Surveillance units
Three Levels of Policy Dialogue Good economic management needs: - identification of risks and vulnerabilities - analysis of policy options - implementation of desirable policies
Provide additional perspective - Strengths (e.g., frank assessments)
- Weaknesses (e.g., sometimes myopic)
Affect economic performance Important input for Policymakers - Methodology (e.g., due diligence)
- Views
Enhancing the Effectiveness of ASEAN+3 ERPD Clarifying objectives From “information sharing” to “peer reviews” Possible need for due diligence Maintain sense of ‘peer review’ among equals Greater institutionalization of ERPD desirable - Central Bank Governors and the private sector
- Strong professional secretariat for objective routine surveillance and possible due diligence assessment
Conclusion: Challenges Ahead ASEAN+3 ERPD is in its infancy as “peer review” but is integral to regional cooperation. ADB supports the ASEAN+3 FM process, including ERPD. Integration of ERPD & CMI requires evolution from “information sharing” to “peer reviews” to “due diligence”. Institutionalizing ERPD by involving all key players and ensuring technical competence
Thank you For more information:
Dostları ilə paylaş: |