ABSTRACT
The US financial crisis has reflected the defects of the International Monetary System (IMS). The reform of the IMS is receiving more and more attention after the financial crisis. For East Asian economies, the reform of the IMS is both a great challenge and an opportunity. After the Asian financial crisis in 1997, East Asian countries have accumulated a large sum of foreign exchange reserves, especially the US dollar-denominated assets. The International Monetary Fund (IMF) should strengthen and improve its supervision over the macroeconomic policy of all parties, especially the main economies that issue reserve currencies and the currency issuing policy in particular. The method of multilateral surveillance is multilateral consultation, which has been developed by the IMF in recent years. It aims to promote coordination and cooperation among countries in dealing with the challenges of the global economy or individual economies.
