By Ulrich Volz
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Extra resources for Prospects for Monetary Cooperation and Integration in East Asia
23 The slow provision of liquidity by the IMF and the detailed conditionality resulted in lasting resentment among East Asian policy makers. Lincoln (2004: 254) asserts that the crisis has caused a “common sense of irritation, frustration, and disagreement with the US government and the IMF” throughout the region, and partly even anti-Western and particularly anti-American attitudes. ”24 It is hence not surprising that Indonesia took the locally popular decision to exit the IMF program as soon as the economy improved, which was in July 2003 (Leahy 2004).
72 percent of the world’s population. The Asian Financial Crisis 35 (IMF 2006). 25 Additional adjustments to member’s quotas and voting rights reform were made in April 2008, when a new quota formula was adopted (IMF 2008b), but these hardly affected East Asian countries’ voting rights. 44 percent the share of all ASEAN countries together with China, Japan, and Korea (known as ASEAN+3)26 is still much smaller than its share in world GDP, and smaller than that of the United States, which is still able to veto any IMF policies or reforms it deems undesirable.
27 In 1999 the EMS evolved into the EMU with a single currency. European monetary integration and the eventual creation of EMU have set a historical precedent. Europe’s strategy of regional monetary cooperation to keep exchange rates stable within the region while maintaining flexibility with respect to the outside world has been an attempt at having the best of both worlds. As Padoa-Schioppa (1994: 71) points out, . . the EMS has shown that there is a way out of the dilemma often presented to policy-makers: whether to move back to some sort of Bretton Woods system of exchange rate relationships, which is inevitably too rigid and probably not feasible today, or to live in a world of totally unregulated exchange rate relationships, with all the problems, dangers, and difficulties that were a feature of the 1970s.