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Reuters-S.E.Asia to align financial



Subject: Reuters-S.E.Asia to align financial markets, Thailand says 

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S.E.Asia to align financial markets, Thailand says=20
04:12 a.m. Nov 25, 1999 Eastern=20
By Chris Johnson=20

MANILA, Nov 25 (Reuters) - Southeast Asian economies want to align their =
financial markets closely, laying the basis for possible merger in =
future, Thai Finance Minister Tarrin Nimmanahaeminda said on Thursday.=20

Tarrin told reporters after a meeting of finance ministers of the =
Association of South East Asian Nations (ASEAN) that the aim was to get =
the region's financial markets on the same legal basis with similar =
standards and accounting principles.=20

``The joint development means each country would come up with a similar =
legal framework on those markets which will perhaps be one market in the =
future,'' Tarrin said.=20

But he dismissed suggestions that ASEAN cooperation on financial markets =
would necessarily mean the creation of a common Asian currency.=20

Asked whether the plans would involve the adoption of a single currency, =
he said: ``No, no. Nothing like that.''=20

Philippine Foreign Secretary Domingo Siazon told Reuters earlier leaders =
in Southeast Asia were working toward an East Asian common market which =
would include Japan, China as well as=20

both Koreas and eventually a regional currency.=20

ASEAN, which also includes Brunei, Cambodia, Laos, Indonesia, Malaysia, =
Myanmar, the Philippines, Singapore and Vietnam, is just emerging from =
more than two years of severe financial crisis that was triggered when =
Thailand allowed its baht currency to devalue in July 1997.=20

The pan-Asian currency crash and deep recession that followed exposed =
serious flaws in the region's financial systems and ASEAN governments =
are determined not to let the disaster be repeated.=20

ASEAN finance ministers agreed on Thursday on details of a special =
monitoring unit, the ASEAN Surveillance Process, to scrutinise their =
economies and financial markets and ensure that developing problems did =
not get out of hand.=20

Under the system, countries will report regularly to a regional and =
intra-ASEAN surveillance body on economic trends.=20

``Each country is required to disclose their key macroeconomic =
indicators, share their immediate economic experience, what needs to be =
done immediately and what are the long-term or structural issues that =
need to be solved,'' Tarrin said.=20

``This agreement will oblige all ASEAN finance ministers to meet twice a =
year,'' he added.=20

WIDE-RANGING FINANCIAL COOPERATION=20

``The second issue is on cooperation to develop jointly various markets =
for the entire region's financial system, which covers 11 topics, such =
as the capital markets, debt markets, life and non-life insurance =
markets,'' Tarrin said.=20

``There are quite a number (of topics) that we have laid down as areas =
to cooperate among member states,'' he said, citing as an example the =
adoption of international best practices and standards. ``...these kinds =
of things are the areas for future cooperation,'' he said.=20

``Basically to get the standards and the accounting principles and the =
principle of disclosure, on the same terms.''=20

Tarrin said the cooperation on the developments of markets would =
initially be ``within ASEAN'' but indicated that cooperation could =
include other countries in future.=20

Discussion on the coordination of market developments has recently taken =
place under the auspices of the Asia Pacific Economic Cooperation (APEC) =
forum.=20

There has also been talk of greater cooperation between ASEAN and Japan, =
China and South Korea that will attend a joint meeting with ASEAN =
leaders after the summit on November 28 in Manila.=20

``As you may recall APEC placed a very strong emphasis on the =
development of Asian bond markets,'' Tarrin said.=20





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<DIV><FONT face=3DArial size=3D2><FONT size=3D+1><STRONG>S.E.Asia to =
align financial=20
markets, Thailand says</STRONG></FONT> <BR>04:12 a.m. Nov 25, 1999 =
Eastern=20
<P><STRONG>By Chris Johnson</STRONG>=20
<P>MANILA, Nov 25 (Reuters) - Southeast Asian economies want to align =
their=20
financial markets closely, laying the basis for possible merger in =
future, Thai=20
Finance Minister Tarrin Nimmanahaeminda said on Thursday.=20
<P>Tarrin told reporters after a meeting of finance ministers of the =
Association=20
of South East Asian Nations (ASEAN) that the aim was to get the region's =

financial markets on the same legal basis with similar standards and =
accounting=20
principles.=20
<P>``The joint development means each country would come up with a =
similar legal=20
framework on those markets which will perhaps be one market in the =
future,''=20
Tarrin said.=20
<P>But he dismissed suggestions that ASEAN cooperation on financial =
markets=20
would necessarily mean the creation of a common Asian currency.=20
<P>Asked whether the plans would involve the adoption of a single =
currency, he=20
said: ``No, no. Nothing like that.''=20
<P>Philippine Foreign Secretary Domingo Siazon told Reuters earlier =
leaders in=20
Southeast Asia were working toward an East Asian common market which =
would=20
include Japan, China as well as=20
<P>both Koreas and eventually a regional currency.=20
<P>ASEAN, which also includes Brunei, Cambodia, Laos, Indonesia, =
Malaysia,=20
Myanmar, the Philippines, Singapore and Vietnam, is just emerging from =
more than=20
two years of severe financial crisis that was triggered when Thailand =
allowed=20
its baht currency to devalue in July 1997.=20
<P>The pan-Asian currency crash and deep recession that followed exposed =
serious=20
flaws in the region's financial systems and ASEAN governments are =
determined not=20
to let the disaster be repeated.=20
<P>ASEAN finance ministers agreed on Thursday on details of a special =
monitoring=20
unit, the ASEAN Surveillance Process, to scrutinise their economies and=20
financial markets and ensure that developing problems did not get out of =
hand.=20
<P>Under the system, countries will report regularly to a regional and=20
intra-ASEAN surveillance body on economic trends.=20
<P>``Each country is required to disclose their key macroeconomic =
indicators,=20
share their immediate economic experience, what needs to be done =
immediately and=20
what are the long-term or structural issues that need to be solved,'' =
Tarrin=20
said.=20
<P>``This agreement will oblige all ASEAN finance ministers to meet =
twice a=20
year,'' he added.=20
<P><STRONG>WIDE-RANGING FINANCIAL COOPERATION</STRONG>=20
<P>``The second issue is on cooperation to develop jointly various =
markets for=20
the entire region's financial system, which covers 11 topics, such as =
the=20
capital markets, debt markets, life and non-life insurance markets,'' =
Tarrin=20
said.=20
<P>``There are quite a number (of topics) that we have laid down as =
areas to=20
cooperate among member states,'' he said, citing as an example the =
adoption of=20
international best practices and standards. ``...these kinds of things =
are the=20
areas for future cooperation,'' he said.=20
<P>``Basically to get the standards and the accounting principles and =
the=20
principle of disclosure, on the same terms.''=20
<P>Tarrin said the cooperation on the developments of markets would =
initially be=20
``within ASEAN'' but indicated that cooperation could include other =
countries in=20
future.=20
<P>Discussion on the coordination of market developments has recently =
taken=20
place under the auspices of the Asia Pacific Economic Cooperation (APEC) =
forum.=20
<P>There has also been talk of greater cooperation between ASEAN and =
Japan,=20
China and South Korea that will attend a joint meeting with ASEAN =
leaders after=20
the summit on November 28 in Manila.=20
<P>``As you may recall APEC placed a very strong emphasis on the =
development of=20
Asian bond markets,'' Tarrin said.=20
<P><BR></P></FONT></DIV></BODY></HTML>

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