Can Asia Free Itself from the IMF?
Since 2000, Asian countries, traumatized by the IMF's handling of the 1997-98 financial crisis, have sought to establish a regional alternative to the Fund. But, despite recent progress, making this vision a reality requires further bold thinking.
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BERKELEY – There has never been a question about the ultimate purpose of the Chiang Mai Initiative (CMI), the system of Asian financial supports created in 2000 in that Thai city. That purpose, of course, is to create an Asian Monetary Fund, i.e., a regional alternative to the International Monetary Fund, whose tender ministrations during the 1997-98 financial crisis have not been forgotten or forgiven.