A Roadmap for Policy Dialogue and Economic Surveillance in East Asia

This paper deals with the forward looking framework of policy dialogue and economic suveillance in East Asia, based on analysis of the necessities, constraints and difficulties, together with criteria for effective surveillance. It proposes a roadmap for strengthening the mechanisms for surveillance in East Asia, with the emphasis on defining different phases, designing possible approaches and identifying the key elements for better surveillance in the region. The study suggests that there should be three phases for forming strong institutionalised regional surveillance. It also discusses possible moves in the second phase with focus on the importance of specifying surveillance coverage and improving statistical infrastructure. The paper points out that the success of establishing a firmly instituionalised surveillance mechanism in East Asia, to a large extent, relies on a common understanding among the countries in the region on the following issues : the necessity of a common monetary regime, the vital importance of statistical infrastructure and the essential elements of political consideration.