It was this circumstance that led the Bank of Japan to propose the establishment of the Executives’ Meetings of East Asia and Pacific Central Banks, or the EMEAP, which was officially established in 1991 with the members of eleven economies of East Asia and Oceania.2 The EMEAP plays a particularly important role in promoting the exchange of opinions among practitioners and the maintenance of a surveillance network.
Member central banks share information at the working group meetings which cover financial markets, banking supervision, payment and settlement systems, and information technology. To take a prominent example, the Working Group on Payment and Settlement Systems (WG/PSS) regularly updates its “Red Book”, using methods similar to those adopted by the BIS, to explain details of the payment and settlement systems of the member economies.