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.