An example is the Asian Bond Fund II project, being developed by the 11 central banks of EMEAP economies, where EMEAP central banks will jointly invest in local currency denominated funds. As regards the third point, central banks in the region are now firmly focused on price stability and there is considerable progress in financial system reforms in each economy.
But something with a smoother profile over the next two to three years, coupled with a credible long-term track would be preferable to the aggressive tack now in play. Second, Europe must set itself right. Certain things are required just to contain the crisis.