Toward a functional Chiang Mai Initiative
The Chiang Mai Initiative (CMI) is a regional foreign exchange liquidity support mechanism that developed as a result of the 1997–98 Asian financial crisis. The CMI was designed to be closely linked to the IMF, and later evolved into a multilateralised mechanism, the Chiang Mai Initiative Multilateralisation (CMIM). A regional surveillance unit, the ASEAN+3 Macroeconomic Research Office (AMRO), supports the CMIM. But AMRO is still in its infancy, and will need time to increase its effectiveness and gain market confidence.