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WORLD NEWS: "East Asia to Expand Pool of Reserves to Help Currencies," by David Roman and Takeshi Takeuchi, Wall Street Journal, 23 February 2009.
The Chiang Mai initiative after the Flu in 1997-98 set up $80B to help Asia economies deal with any economic crises. It mandated an associated IMF stabilization program be in place.
Korea, China and Japan just now decide to boost the fund by $40B to $120B, supplying 80% of the money themselves and eliminating the IMF provision.
Good to see, especially with our trio leading the way. They just had their first trilateral summit. Gives you a sense of how we're just beginning this process.
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