Although the International Monetary Fund (IMF) has long been the most prominent global institution for promoting financial stability, calls to create regional alternatives are growing louder.
During his visit to China in late March, Malaysian Prime Minister Anwar Ibrahim revived the idea of an Asian Monetary Fund (AMF). Pointing to "the strength of the economies in China, Japan, and others", Mr Ibrahim argued that now was an opportune time to establish an AMF, as well as discuss "the use of our respective currencies".
This new push for multilateral alternatives to the IMF reflects the US dollar's dominance, coupled with recent trade disruptions caused by Western sanctions on Russia.
