Asia, particularly Southeast and East Asia, suffered the full effects of the financial crisis that broke out in 1997. This crisis prompted the Association of Southeast Asian Nations, the People’s Republic of China, Japan, and the Republic of Korea – collectively known as the ASEAN+3 – to jointly pursue financial stability through various regional cooperation initiatives. A policy dialogue process among ASEAN+3 finance ministers was then created to promote the exchange of views and information on the state of their economies and to pursue cooperation to achieve financial stability. One example of such cooperation is the Chiang Mai Initiative (CMI). During the 1997–98 Asian financial crisis, Thailand, Indonesia, and the Republic of Korea sought liquidity support from the International Monetary Fund. Their difficult experience with IMF programs prompted the ASEAN+3 to launch the CMI to supplement the role of the IMF. In 2000, the 13 countries that comprise the ASEAN+3 gathered at the Annual Meeting of the Asian Development Bank in Chiang Mai, Thailand, and agreed upon bilateral currency swap arrangements to fight currency speculation and preempt future crises.