That said, there may be room for pruning and specialisation in the quite wide variety of organisations which already exist within the region. New developments Perhaps the most important and striking new development is the embryonic currency arrangements coming out of ASEAN+3.
Two explanations for this conflict between theoretical prediction and recent experience are possible. First, the preceding analysis is fundamentally flawed. Second, it is at least incomplete. I will take the second route and argue that the problem was that ceteris were not paribus in this episode. Ceteris paribus, of course, means “all other things being equal”.