It will serve as the region’s early warning mechanism.
The ASEAN+3 Macroeconomic Research Office (AMRO), an independent regional macroeconomic surveillance unit headquartered in Singapore, has been formally accorded the legal status of an international organisation today.
As an international organisation, AMRO will be of the same standing as other institutions such as the International Monetary Fund (IMF), said Finance Minister Heng Swee Keat at a speech during AMRO’s opening.
In 2011, AMRO was initially established as a company limited by guarantee in Singapore, following the agreement by ASEAN+3 Finance Ministers in 2009 to set up a regional surveillance unit to promote objective economic monitoring. ASEAN+3 includes Southeast Asian member states, along with Japan, Korea, and China.
“As AMRO grows and develops its surveillance capabilities, it will establish an effective early warning mechanism for the region, and play a key role in providing robust policy recommendations to avert potential crises,” Heng said.
He also noted that AMRO plays a crucial role in monitoring the vulnerabilities and risks to the region by conducting comprehensive analyses of the macroeconomic risk areas and policy developments of ASEAN+3 members.
“AMRO’s establishment as an international organisation strengthens its legitimacy as an independent macroeconomic surveillance unit within the international financial community,” he said.
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