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WorldOctober 1 2013

Doing its own thing: does Asia need the IMF?

Lingering resentment over its role in the Asian crisis of the 1990s and complaints that the continent is under-represented in its senior positions mean that the IMF's popularity throughout Asia is low. But will this sense of injustice lead to the forming of an Asian Monetary Fund that will push the IMF to the sidelines in the region?
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Doing its own thing: does Asia need the IMF?

Many people in Asia are still bitter about the harsh medicine the continent was forced to swallow during the Asian financial crisis, and resentment toward the International Monetary Fund (IMF) lingers in some parts of the region. And now there are claims that Asia’s voice is still not being heard in Washington, DC – despite the region’s growing economic clout – which has led many to question whether the IMF is still relevant to Asia.  

Plans to establish an Asian Monetary Fund – to either rival or complement the IMF – have been discussed for years, but now there are signs that Asia is taking small steps toward that goal, with some arguing that the ultimate purpose is to create economic integration in the region. 

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