The long-awaited multilateralisation of the Chiang Mai initiative was agreed in early May in Madrid on the sidelines of the Asian Development Bank annual meeting. The Chiang Mai initiative is a series of bilateral agreements among the 10 members of the Association of Southeast Asian Nations (ASEAN) and neighbours South Korea, China and Japan (see Update 56, 52, 46). The so called ASEAN+3 group agreed to set up an $80 billion fund with 80 per cent of the money coming from the non-ASEAN members. Full details of surveillance mechanisms and conditions for use of the money have not yet been settled. Separately India signed a $3 billion bilateral currency swap arrangement with Japan.
East Asia’s Counterweight Strategy: Asian financial cooperation and evolving international monetary, Injoo Sohn
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New Bretton Woods Project report reveals World Bank Group channelling crucial development resources to banks instead of directly investing in pro-poor projects.
In December 2013, the German Development Institute, Friedrich-Ebert-Stiftung and Bretton Woods Project, in collaboration with the G-24, hosted a high-level workshop in Berlin to foster an open exchange on the profound changes in the global economy and the implications for global economic governance and its constituent institutions and members.
The Bretton Woods Project is an ActionAid hosted project (UK registered charity no. 274467).