The soverign debt crisis in Europe and the withdrawal of funds from the Asian markets (similar to capital outflows from Asia after the collapse of the Lehman Brothers) have highlighted the importance of more resilient regional and national financial systems in Asia.

Regional architectures such as ASEAN, ASEAN plus six and the East Asia Summit are part of the process that may contribute to the emergence of a more resilient financial system in Asia. This paper analyses some of the financial issues that could contribute to the develoment of a more resilient global financial system and contribute to regional financial stability.