Second, countries in the region should share a common view of the future direction of the regional economy and also concrete policy response based on such recognition. Bearing in mind the lessons we learned from the currency crises, we should improve the functioning of financial markets and foreign exchange regimes, and also strengthen domestic financial systems and financial supervisory frameworks.
In order to make an appropriate policy response, not only coordination among countries in the region but also competition among them are very much needed. Third is participation in global efforts toward the stability of the international financial system, which is often termed the “New International Financial Architecture” problem.