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World Affairs: The Journal of International Issues
Year : 2013, Volume : 17, Issue : 2
First page : ( 12) Last page : ( 33)
Print ISSN : 0971-8052. Online ISSN : 0974-0937.

The European Monetary Fund and the Chiang Mai Initiative: New Approaches to Regional Monetary Cooperation

Kumar Saurabh

Online published on 3 August, 2013.

Abstract

This paper discusses the new approaches in the field of regional monetary architecture. Regional monetary cooperation involves concurrent and dynamic issues such as governance reform in the European monetary system and viable initiatives in East Asian regional monetary cooperation. The Eurozone crisis resulted from defective policies of member-states as well as structural flaws in the monetary mechanism, particularly in the ECB. Hence, since the start of the global economic and euro crises, the Eurozone has made significant structural changes—the establishment of the EFSF in 2010 and the ESM that becomes operational this year. Both are considered as moves to create an EMF. In East Asia, the 1997 financial crisis and the inability of the IMF to deal with it resulted in regional monetary cooperation within the ASEAN+3. The most substantial outcomes have been the implementation of the CMIM and the establishment of the AMRO in 2011. Although these monetary initiatives still rely on the IMF dialogue about a new autonomous AMF, has re-emerged since the start of the global economic crisis.

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