Toward Creating a Regional Monetary Arrangement in East Asia

Will East Asian countries establish more elaborate regional financial arrangements as part of their efforts to stabilize markets and prevent another crisis? The diverse interests of countries participating in the Chiang Mai Initiative suggest that this process may face numerous hurdles. Joint leadership from the key regional economies and greater consultation with the international community as to East Asia’s goals and plans for cooperation could go some way to facilitate progress and assuage scepticism.

The views expressed in this paper are the views of the authors and do not necessarily reflect the views or policies of the Asian Development Bank Institute (ADBI), the Asian Development Bank (ADB), its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms..

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