He anticipated that this would be well supported by floating regimes for large currencies, while smaller countries may thrive with an intermediate regime consistent with the geographic pattern of their economic and financial linkages, possibly a managed peg to the regionally dominant currency.
He observed, for example, the very strong regional interdependencies in East Asia and the momentum these create for a regional monetary arrangement comparable to those which Europe sought after the Bretton Woods system came to an end. The distinctions between large and small economies, and floating and managed currencies, are particularly revealing at the present time, when we are seeing a large anomaly.