A Post-Crisis Prescription: Being One Group Matters

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Valuable lessons have been drawn from the financial crisis that hit East Asia 10 years ago. From this sad experience, Asian countries are now more aware and capable of initiating the needed reforms, especially those that are directed toward crisis prevention. However, more structural reforms are needed, and these can be best undertaken with an increased regional cooperation. This is what PIDS President Dr. Josef Yap underscores in his paper, "Ten years after: financial crisis redux or constructive regional financial and monetary cooperation?", the main feature for this issue. Dr. Yap emphasizes the need to accelerate regional cooperation and integration, along with the two economic powers in the region--China and Japan. Related to this is the forging of a regional financial and monetary cooperation in East Asia. With sound policies and the needed structural reforms, Asian countries will be made more capable to combat any crisis if they can act as one macroeconomic region.