ASEAN+3: US, Euro Banking Sector Turmoil Has Had Limited Spillover

Following a meeting of finance ministers and central bank governors in Incheon, South Korea, the ASEAN+3 group (formed by the ASEAN nations, China, Japan, and South Korea) have released a joint statement. States: "Tighter financial conditions, supply disruptions, commodity prices pose downside risks to outlook for regional economy. [...] While recent banking sector turmoil in US and Europe has had limited direct spillovers for the region, the meeting reiterates the need to remain vigilant."

• Statement: "Recognises need to wind down COVID-19 related policy measures. [...] Policy measures have to be carefully calibrated to anchor inflationary expectations, preserve monetary and financial stability, ensure long-term fiscal sustainability."
• Statement: "[The group] welcomes discussion on creation of rapid financing facility, which will allow members to access financing to meet urgent balance of payment need arising from sudden exogenous shocks."S