In one such initiative, the Executives' Meeting of East Asia-Pacific Central Banks (EMEAP) set up the Asian Bond Fund (ABF) in 2003, and since then the BIS has worked closely together with the EMEAP on this initiative.
In sum, both closer regional cooperation and better macroeconomic policy frameworks within individual economies are important ways to deal with the spillover of external shocks and thereby promote global monetary and financial stability.