Creation of an Asian Monetary Fund might be a way to improve the financial safety net in Asia. This paper presents ideas for reforming the Chiang Mai Initiative Multilateralization (CMIM)—and its sister organization the ASEAN+3 Macroeconomic Research Office (AMRO)—to move Asia in that direction. Among the ideas presented are making the CMIM an international treaty-type organization with paid-in capital, improving indigenous surveillance and monitoring capacity and developing a conditionality framework, merging the CMIM and the AMRO, and creating new functions for a regional stability mechanism such as macroeconomic stabilization. Much of the analysis focuses on Europe, which may have lessons to teach on matters such as transparency and accountability, the dangers of an improperly designed monetary union, the role of the IMF in the global financial safety net, the importance of regional leadership, and the necessity of taking into account local conditions in designing new institutions or initiatives.

中文翻译：

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迈向亚洲货币基金：转型理念

创建亚洲货币基金可能是改善亚洲金融安全网的一种方式。本文提出了改革清迈倡议多边化 (CMIM) 及其姊妹组织东盟+3 宏观经济研究办公室 (AMRO) 以推动亚洲朝这个方向发展的想法。提出的想法包括使 CMIM 成为具有实收资本的国际条约型组织、提高本土监督和监测能力并制定条件框架、合并 CMIM 和 AMRO，以及为区域稳定机制创造新的职能，例如宏观经济稳定。大部分分析都集中在欧洲，在透明度和问责制、设计不当的货币联盟的危险、