But I am also convinced that expanding the effective size of Asian financial markets through greater integration across jurisdictions, can make our economies better able to absorb the volatility of international capital as effectively as the US and European markets. It is therefore heartening to observe that several initiatives for promoting the development of the financial markets in the region are bearing fruit. A notable example is the Asian Bond Fund (ABF) initiative championed by EMEAP central banks. The ABF has been created specifically to encourage the development of bond markets in Asian economies, with the ultimate goal to create an integrated regional market. In developing the ABF, we have achieved a few firsts, including the introduction of the first exchange-traded bond index fund in Asia, arranging for two Asian markets to allow exchange-traded funds for the first time, and opening up the renminbi inter-bank bond market for the first time to foreign investors. The process leading up to the launch of Asian bond funds has shown that cooperation between central banks in the region can successfully deal with a number of technical and conceptual issues, which bodes well for the further development of this initiative as well as potential initiatives in other areas of financial market development. The successful experience of ABF has laid a strong foundation for enhanced regional cooperation by central banks to promote financial integration in Asia. There seem to be at least three aspects in which further development of central bank cooperation may be useful.
28(1) and 28(3) of the Statute) and alternative methods for measuring monetary income (Art. 32(3)). Lastly, very few decisions are taken unanimously; they require the attendance of all members at the meeting. The Recommendation of the ECB addressed to the European Council for the amendment of Art. 10(2) of the Statute (assignment of voting rights and rotation system in the Governing Council of the ECB) was adopted unanimously. 3  General Council can be regarded as a “transitional body” which will continue to exist while there are EU Member States which have not adopted the euro. Its functions include the monitoring of progress achieved in convergence by EU Member States which have not yet adopted the euro, advice on the necessary preparations for irrevocably fixing their exchange rates, supervising the operation of Exchange Rate Mechanism II, acting as a forum for the coordination of EU exchange rate and monetary policies, and assisting with certain activities, such as the advisory functions of the ECB. 2 Single Supervisory Mechanism: distribution of responsibilities between the ECB and the national competent authorities and decision-making processes As from 4 November 2014, the prudential supervision of credit institutions in euro area countries was transferred to the Single Supervisory Mechanism (SSM), which other EU countries that have not yet adopted the euro may also join.5 This mechanism is structured as an integrated system, led by the ECB and involving the national competent authorities (NCAs), i.e. the supervisors of the participating countries.