Asia’s recent doubling of its financial safety net looks impressive. But this column argues it is more icing than cake. It is, in fact, unusable – there is no fund but a series of promises; the institutional mechanisms to replace IMF-type surveillance and conditionality have not been established; and there are no rapid-response procedures to handle a fast-developing financial crisis.
Pradumna Rana, 20 May 2011
Macroeconomic cooperation in Asia has taken huge strides forward over the last 18 months, including the Chiang Mai Initiative and the more recent establishment of the ASEAN+3 Macroeconomic Research Office. But this column argues that while the road towards an Asian Monetary Fund is now shorter, we shouldn’t expect to see a new fund for at least another five years.
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