However, over the past 25 years, the double mismatch of currencies and maturities over the longer term, which was one of the underlying causes for the Asian Financial Crisis, is said to have been resolved to a large extent. Economic fundamentals have strengthened, and foreign currency reserves have increased.
Through their efforts to  2/4  BIS - Central bankers' speeches  build regional cooperation, the ASEAN+3 members have succeeded in establishing several key mechanisms to prevent or mitigate any future financial crisis. First among these is the Chiang Mai Initiative Multilateralisation (CMIM), which aims to deal with balance of payments and short-term liquidity difficulties and maintain economic and financial stability.