Chapter II. Overview of Asian Economic Integration Process 1. From the 1997 Asian Financial Crisis to the CMIM Actually the ASEAN cooperation started before the 1997 financial crisis, but it didn’t work to help member countries to cushion the impact of the crisis at that time. Right after the 1997 crisis happened, Japanese Vice Finance Minister, Sakakibara Eisuke, proposed a creation of $100 billion in the name of Asian Monetary Fund (AMF). But his proposal failed to bring other Asian countries into a debate about the creation, because of serious opposition from the United States backing the IMF and China’s fears regarding the expectation of the Japan’s regional leadership. Nevertheless, Asian countries continued to discuss the regional cooperation against fears of reiterating the financial shocks domestically and internationally. After the finance ministers’ meeting started in 1999, ASEAN and
Chapter II. Overview of Asian Economic Integration Process 1. From the 1997 Asian Financial Crisis to the CMIM Actually the ASEAN cooperation started before the 1997 financial crisis, but it didn’t work to help member countries to cushion the impact of the crisis at that time. Right after the 1997 crisis happened, Japanese Vice Finance Minister, Sakakibara Eisuke, proposed a creation of $100 billion in the name of Asian Monetary Fund (AMF). But his proposal failed to bring other Asian countries into a debate about the creation, because of serious opposition from the United States backing the IMF and China’s fears regarding the expectation of the Japan’s regional leadership. Nevertheless, Asian countries continued to discuss the regional cooperation against fears of reiterating the financial shocks domestically and internationally. After the finance ministers’ meeting started in 1999, ASEAN and