DEFINITION of 'Executives' Meeting of East Asia and Pacific Central Banks - EMEAP'
An organization of 11 central banks from the southeast and Pacific regions of Asia whose mandate is foster good relations among its member countries. The organization conducts annual and semiannual meetings, and creates working groups in order to discuss and analyze ongoing economical and financial happenings within the region.
BREAKING DOWN 'Executives' Meeting of East Asia and Pacific Central Banks - EMEAP'
An example of a project undertaken by the EMEAP is the creation of Asian bond funds. The organization believed that the debt markets in the region were vastly underdeveloped and as a result, relatively few investors were investing in the Asian bond markets compared to those in the West. The Asian bond funds were created to rectify this problem.
Member central banks include: the Reserve Bank of Australia, the People's Bank of China, the Hong Kong Monetary Authority, the Indonesia Bank, the Bank of Japan, The Bank of Korea, the Bank Negara Malaysia, the Reserve Bank of New Zealand, the Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore and the Bank of Thailand.