Assessing the Financial Landscape for the Association of Southeast Asian Nations Economic Community, 2015

Abstract

The article assesses Association of Southeast Asian Nations (ASEAN)' s financial landscape and considers issues related to regional financial cooperation. Although the ASEAN Economic Community is expected to come into force by the end of 2015, given the large disparity between the more and the less advanced member countries, regional financial integration in ASEAN can only be an evolutionary process. Regional cooperation is needed not only to help integrate the region financially but also to manage the attendant risks. Areas of cooperation must include, among others, establishing common licensing standards for financial institutions and creating region-wide systems for deposit insurance, credit rating, financial market supervision, payment and settlement, and consumer protection.