However, they have favorable market prospects and solid credit records. Banks and governments should take active steps to negotiate and determine rescue plans, and especially ensure that emergency financing is well in place for rolling over maturing debt while guarding against moral hazards. Efforts should be made so that fiscal and financial measures at multiple levels are in mutual support and close cooperation.
The implications of this change can be summarized by noting that Japan is the largest shareholder in the Asian Development Bank, and by tradition appoints its head; that the formation of an Asian Monetary Fund during the Asian crisis in 1998 was not strongly supported by China; and that China will no doubt want to play a greater role in any future regional institutions than it does in the ADB.