Asian experience on financial cooperation  Let me now turn to the Asian experience on financial cooperation, anticipating similar discussion of the Latin American experience later from other participants. (Vulnerabilities in Asia) Although overall economic and financial stability has been improved remarkably in Asia since the Asian Financial Crisis, there are still vulnerabilities in the region.
For this reason, further improvement in the framework for financial stability analysis is a very high priority for central banks. 3.2  Dealing with episodes of financial instability  There is yet another reason why central banks need to keep well-informed on financial market developments.