AMRO

AMRO stands for the ASEAN+3 Macroeconomic Research Office. It is a regional surveillance institution established in 2011 by the finance ministries and central banks of the ASEAN member states together with China, Japan, and South Korea. Headquartered in Singapore, AMRO functions as the macroeconomic and financial surveillance arm within the ASEAN+3 framework and supports the Chiang Mai Initiative Multilateralisation by monitoring conditions, identifying systemic risks, and providing policy guidance to promote regional financial stability. AMRO does not itself lend money; it contributes to policy dialogue and analysis that inform the CMIM framework.

The organization is governed by a board of directors drawn from member authorities and is led by a Director-General supported by a Secretariat. Its work encompasses macroeconomic surveillance, early-warning exercises, and the development of policy recommendations for member authorities. AMRO conducts both regional and country-specific analyses to assess vulnerability in areas such as external positions, balance of payments pressures, banking sector stability, and public finances, and it engages in regular policy dialogue with member states.

Key outputs include annual and ad hoc surveillance reports, country assessments, and cross-country analyses intended to help authorities identify risks and coordinate responses. AMRO collaborates with the International Monetary Fund and other regional and international partners to share data, methodologies, and insights. Membership in AMRO covers the 13 economies of the ASEAN+3 group—ten ASEAN members plus China, Japan, and South Korea—whose macroeconomic and financial conditions are the focus of its surveillance activities. Public reports and data are generally available, contributing to transparency in regional surveillance.