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The Asian fi nancial crisis of 1997–98 fundamentally changed East Asia’s perspective on economic regionalism and sparked great political interest in monetary and fi nancial cooperation and integration in the region. The crisis revealed the fragility of the region’s prevailing exchange rate arrangements and highlighted the need for a strengthening of the regional fi nancial architecture. Since the crisis, there has been a proliferation of proposals for fostering East Asian monetary and fi nancial integration. Regional cooperation in the fi eld of money and fi nance already takes place through the Association of Southeast Asian Nations (ASEAN) surveillance process, the Chiang Mai Initiative for the creation of bilateral short-term fi nancing facilities by the ASEAN13 countries (ASEAN plus China, Japan, and Korea), and various initiatives to foster the development of regional security markets. There is also a serious debate about establishing a regional exchange rate arrangement or even a common East Asian currency in the longer term. In December 2005, the Asian Development Bank announced its intention to create an Asian currency unit (ACU) comprising a basket of East Asian currencies akin to the European currency unit (ECU), which evolved into the euro. Although this initiative has not come to fruition, a regional currency unit is now being studied by the ASEAN13 countries. Particularly remarkable is the involvement of China, which has demonstrated an increasing willingness to accept responsibility for the economic progress of the region as a whole. The ASEAN countries, as well as Japan and Korea, have also displayed ample interest in fostering regional cooperation. Deeper integration, however, is still a ways away. Countries participating in more ambitious regional monetary and fi nancial initiatives would need to develop a far-reaching consensus about economic policy preferences. Moreover, national authorities would need to be willing to subordinate national policy goals, at least at times, to a common goal of regional

Introduction: Prospects for Monetary and Financial Integration in East Asia – Dreams and Dilemmas