Getting Chiang Mai right

Asia’s emergency infrastructure is on the right track, but there is still room for improvement

Asean country flags

Asia’s flagship contribution to the global financial safety net is its Chiang Mai Initiative Multilateralization (CMIM), a regional commitment network of east Asia and South-east Asian central bank swap lines. More has been written about the Federal Reserve’s swap network (or the European Stability Mechanism for that matter) than about the CMIM – because no one has ever used it, owing to numerous design flaws. That may be changing as Asean+3 – the member nations of the Association of Southeast

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account