Recent trade disruptions and the dollar’s dominance have led ASEAN countries to renew the call for a regional multilateral alternative to the IMF. While prior efforts failed, shifts in regional power configurations could finally enable major Asian economies to take collective action.
KUALA LUMPUR – Although the International Monetary Fund has long been the most prominent global institution for promoting financial stability, calls to create regional alternatives are growing louder. During his visit to China in late March, Malaysian Prime Minister Anwar Ibrahim revived the idea of an Asian Monetary Fund (AMF). Pointing to “the strength of the economies in China, Japan, and others,” Ibrahim argued that now was an opportune time to establish an AMF, as well as discuss “the use of our respective currencies.”
KUALA LUMPUR – Although the International Monetary Fund has long been the most prominent global institution for promoting financial stability, calls to create regional alternatives are growing louder. During his visit to China in late March, Malaysian Prime Minister Anwar Ibrahim revived the idea of an Asian Monetary Fund (AMF). Pointing to “the strength of the economies in China, Japan, and others,” Ibrahim argued that now was an opportune time to establish an AMF, as well as discuss “the use of our respective currencies.”