Hong Kong, Singapore and Australia have  BIS Review 68/2000  2  sophisticated financial markets, but each of these economies is relatively small. Within ASEAN, the dominant country (Indonesia) is, unfortunately, in no position, for the moment, to be a vigorous leader of regional arrangements. So there is a major unresolved issue here. Where to from here?
From the Australian viewpoint, this is in some ways a low point for regional arrangements. The real progress which has been made in getting better representation in the multilateral forums for non-European (and particularly Asian) voices is undisputed.