And yet there are still challenges that lie ahead of us: First and foremost, there is the need for German banks particularly to bolster their earnings in the face of stiff European and international competition.
The Chiang Mai Initiative, as a complement to the IMF facilities, was agreed upon among ASEAN + 3 to build a framework of emergency liquidity support through a network of bilateral foreign exchange swap arrangements. Based on the analysis of the crisis, efforts have been made to reduce over-reliance on the banking sector for financial intermediation.