Reform of the International Financial Architecture: An Asian Perspective
It has taken two crisesâ€”the Asian financial crisis of 1997-1998 and the global financial crisis of 2007-2009â€”for the international community to seriously focus on the reform of the international financial architecture for crisis prevention, management and resolution. Facing the global financial crisis, the international community has responded by making the G20 Summit the premier forum for international economic and financial cooperation, creating a potentially more powerful Financial Stability Board, and augmenting the financial resources of the IMF. [ADBI Working Paper 167]
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