Eurolecciones para el Asia Oriental

SEÚL – Asía Oriental podría aprender dos lecciones valiosas de la crisis de la eurozona. La primera, que no se debe apresurar el proceso de integración financiera y monetaria, y, la segunda, que se deben desarrollar marcos institucionales adecuados antes de proceder con dicha integración.

De hecho, es poco probable que en el futuro inmediato los países de Asia Oriental avancen hacia un sistema regional de tipos de cambio fijos o hacia una unión monetaria con una moneda única, debido a la gran diversidad de la región en términos de condiciones económicas y políticas. Quizás después de unas cuantas décadas los países de la región desarrollen instituciones con el fin de promover la integración financiera, como por ejemplo una agencia de supervisión bancaria única que sea similar a la que la Unión Europea está creando en la actualidad.

Sin embargo, los encargados de formular políticas en Asia deben mejorar los mecanismos de cooperación que se diseñan para prevenir y gestionar las crisis. El mecanismo más prometedor es la Multilateralización de la Iniciativa de Chiang Mai (CMIM, por sus siglas en inglés) (Chiang Mai Initiative Multilateralization (CMIM)) de los países “ASEAN+3” (por sus siglas en inglés) – que es el grupo de países formado por los 10 miembros de la Asociación de Naciones del Sudeste Asiático más China, Japón y Corea del Sur. Este fondo de reserva regional, que tiene 120 mil millones dólares en reservas, se lanzó en el año 2010 con el objetivo de proporcionar a los miembros liquidez a corto plazo en casos de emergencia.

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