1. At the ASEAN + China, Japan and Korea (ASEAN + 3) Summit held in December 1998 in Hanoi, the Leaders agreed that the ASEAN + 3 deputy finance ministers and deputy central bank governors should meet to discuss financial and macroeconomic matters of concern to the region.
2. Following the Leaders’ decision, the First Meeting of the ASEAN + 3 deputy Finance Ministers and Deputy Central Bank Governors was held on 18 March 1999 in Hanoi. The Meeting exchanged views on the ways to monitor short-term capital flows and on the subject of international financial architecture.
3. The Meeting noted that rapid movement of short-term capital flow is one of the causes of the financial crisis and agreed to work together to monitor the movement of capital flows to prevent future crisis.
4. The Meeting also noted efforts undertaken in various fora on the issue of international financial architecture. The Meeting concluded that there has been a convergence of views on the issue, particularly the need to involve emerging economies in the process.
5. The Meeting agreed that the forum is very important, timely and very useful. They agreed to maintain close cooperation in addressing these issues and present to outcome to the forth-coming ASEAN + 3 Summit scheduled later for this year.
6. The Meeting was chaired by Ms. Le Thi Bang Tam, Vice Minister of Finance of Vietnam and attended by:
Dato Yakub Abu Baltar Permanent Secretary Ministry of Finance, Brunei Darussalam
Dr. Miranda S. Goeltom Managing Director, Bank Indonesia
Mr. Yao Phonevantha Vice Minister of Finance Lao PDR
Dato Dr. Aris Othman Secretary-General Ministry of Finance
Central Bank of Myanmar
Mr. U Than Lwin Deputy Governor
Mr. Jeremias N. Paul, Jr. Assistant Secretary Department of Finance
Monetary Authority of Singapore
Dr. Khor Hoe Ee Senior Executive Director
Bank of Thailand
Mr. Kiettisak Meecharoen Assistant Governor
PEOPLES’ REPUBLIC OF CHINA
Mr. Jin Ligun Vice Minister Ministry of Finance
Mr. Eisuke Sakakibara Vice Minister for International Affairs Ministry of Finance
REPUBLIC OF KOREA
Mr. Chung Duck-Koo Vice Minister Ministry of Finance
and their respective delegations. The Meeting was also attended by the representatives from the ASEAN Secretariat.