East Asian countries consider a financial alliance tostabilize the regional economy.
East Asian financial cooperationhas come under the spotlight onceagain amid the spiraling globalfinancial crisis originated in theUnited States. The Asian financial crisis in1997 awakened East Asian countries to theimportance of working together in the finan-cial field. Along with deepening regionaleconomic engagement, their interests in thisregard have heightened. In the last few years,the countries have come up with a series ofconcrete visions and plans. Now the ongoingfinancial turmoil is likely to give flesh impe-tus to the creation of an East Asian foreignexchange fund.