Abstract

This chapter examines recent developments in and future prospects for regional financial and monetary cooperation and integration in East Asia and suggests some issues that could contribute to more constructive development of the regional financial architecture. The regional financial architecture has faced new challenges because Asia’s regional economic development is a real factor of the global economy. The global financial crisis and global imbalances are good examples. This implies that the regional financial architecture is no longer regional-only. The authors also argue that rigorous multilateral surveillance on a regional basis, consistently applied and with associated peer pressure, can help build the domestic financial architecture and ultimately mitigate the excessive macroeconomic volatility. Furthermore, a regional financial institute could be a venue for building consensus and reflecting regional views in the negotiation process of setting global financial standards.

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