The 16th ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting took place on May 3 in Delhi, India. Member nations reached an agreement to transform the ASEAN+3 Macroeconomic Research Office (AMRO) into a formal international institution, a move which is expected to improve the status and credibility of the regional financial safety net constructed by the Chiang Mai Initiative Multilateralization (CMIM) and AMRO.

Capital inflows and outflows have become frequent following quantitative easing measures by the advanced economies, and Korea has consistently raised the issue of responding to such external risks. Reflecting these concerns, the finance ministers at the meeting agreed to study ways to jointly respond to capital flows at the ASEAN+3 level.