Then we have the Asian Bond Fund being developed by the eleven central banks in the Asia Pacific region known as EMEAP.1 The first step (ABF I) was the creation of a fund which pooled a small portion of the US dollar reserves held by the member central banks to invest in US dollar denominated bonds issued by east Asian governments, as opposed to the US Government.
To start with, the role of the reforms in setting the economy’s pace over the long term is heavily dependent on their adequate implementation. Furthermore, structural reform is a dynamic process and therefore additional measures may be needed.