ABSTRACT
The financial architecture of the Asian region is a cornerstone of competing political agendas: on the one hand, integration into the IMF/US global regime, and on the other, a more autonomous Asian regime more loosely connected and subordinated to the IMF. These competing agendas were clearly visible in the controversy over the introduction of an AMF and in the policy approaches of the US, Japan and other actors. The Asian financial crisis thus constitutes a focal point for financial integration models in the Asian region. As Maull points out: ‘International order will need to be multi-layered to be effective: given the complexities of international relations, an intermediate level between the state and the international system at large will often probably be indispensable.’ 1 Against this background it is instructive to study competing parties, ideas and concepts for shaping a financial and monetary intermediate layer in East Asia.
