Proposal of the Asian Monetary Fund

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Serenissima
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Proposal of the Asian Monetary Fund

Post by Serenissima » 21:41:21 Sunday, 16 July, 2017

Recognising that the stock market crisis in the United States beginning in January of this year affects the entirety of the world, and that the growing prosperity and wealth of the people of Asia may be vulnerable to setbacks such as recession, Japan proposes the establishment of the Asian Monetary Fund, akin to the Arab Monetary Fund and the mechanisms in place within Europe. Asia is collectively unprotected from the consequences of the looming crisis, other than by the International Monetary Fund (IMF) - an organisation which is deeply flawed when it comes to the interests of Asia.

The IMF, as in the Asian financial crisis of 1997, is unlikely to change its policy of favouring the interests of Western states over those of the East. The punitive demands and exorbitant interest rates charged to Thailand, South Korea and Indonesia by the IMF will not have been forgotten, nor the strict conditions imposed upon those nations that sought assistance that benefited their competitors favoured by the IMF and undermined the value of Asian exports. Even assuming that these charges against the IMF are rejected, it is clear that, by treating Asia identically and imposing the same conditions as they imposed on radically different nations and circumstances in South America, they, at very least, fail to understand the economics or politics of Asia. Consequently, the necessity for an independent Asian alternative to secure a regional network, funded by Asian countries, to overcome current and future economic crises, is clear.

We hereby invite the People's Republic of China, along with the Republic of Korea and ASEAN - Brunei , Cambodia, Indonesia, Lao People’s Democratic Republic, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam - otherwise known as the ASEAN Plus Three Group of previous international conferences - to discuss the establishment of an Asian Monetary Fund. The future inclusion of other nations to the AMF, such as Australia and New Zealand, can be discussed at a later date once the AMF itself is established. This proposal is building on the existing Chiang Mai Initiative of those same nations - whose annual meetings in Thailand as early as 2002 have already concluded that:
Structural reform, while necessary, is not enough. There is a need for a safety net through a regional financial arrangement. Asia needs an Asian system, operated by Asians and for Asia.
Similarly, Asian representation in the IMF is incredibly poor: while Japan supplies 23.3% of the funding for Asia, its voting share is only 5.6%. The People's Republic of China supplies 5.8%, but receives a voting share of only 2.3% in return, while the Republic of Korea supplies 2.9% and receives a voting share of 0.5% - while Brunei, despite its 2.9%, receives only 0.1% of a vote - let alone Singapore, that supplies 5.8% but receives a voting share of only 0.2%. The IMF has resisted change time and time again.

To be clear -the AMF is not intended to entirely replace the IMF. However, it intends to be a fund to support the interests of all Asian nations, rather than the financial interests of other actors. It will be able to quickly react to avert disaster while the IMF deliberates on global implications and is required to take into account the interests and advantages it can gain for its creditors outside Asia. It will also offer rescue packages more suited to Asian conditions - and avoid severely harming the economies of Asia, as the IMF did in 1997-1998. To start with, a fund of US$25 billion will be provided.

We hope that, in response to this brewing crisis, the nations of Asia will choose to stand together to weather the storm, and protect themselves from the potential consequences of this financial instability - just as those of Europe and the Arab world have done, long ago.
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Re: Proposal of the Asian Monetary Fund

Post by Zhukar » 21:57:00 Sunday, 16 July, 2017

The Republic of Korea accepts this invitation; it is clear that the global financial system needs further decentralization if it is to weather the coming storm.
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Re: Proposal of the Asian Monetary Fund

Post by Red John » 00:17:53 Saturday, 29 July, 2017

Image
Our government would be interested in entering talks- but we remain ambivalent and would need to engage in serious discussion if we were to seriously consider entering into such a project.

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Re: Proposal of the Asian Monetary Fund

Post by Serenissima » 23:27:44 Sunday, 15 October, 2017

Given the continuing economic crisis, Japan believes that it is more essential now than ever for Asia to stand strong and form the Asian Monetary Fund, to protect our economies against the incoming crash. We call upon the People's Republic of China, along with the Republic of Korea and ASEAN - Brunei , Cambodia, Indonesia, Lao People’s Democratic Republic, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam - to pay heed to our proposal and begin negotiations, to be held potentially in Brunei, if they are willing, but also in Japan - in late Q4 2008 or early Q1 2009.
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Re: Proposal of the Asian Monetary Fund

Post by Red John » 16:06:35 Monday, 06 November, 2017

Serenissima wrote:
23:27:44 Sunday, 15 October, 2017
Given the continuing economic crisis, Japan believes that it is more essential now than ever for Asia to stand strong and form the Asian Monetary Fund, to protect our economies against the incoming crash. We call upon the People's Republic of China, along with the Republic of Korea and ASEAN - Brunei , Cambodia, Indonesia, Lao People’s Democratic Republic, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam - to pay heed to our proposal and begin negotiations, to be held potentially in Brunei, if they are willing, but also in Japan - in late Q4 2008 or early Q1 2009.
We apologize for our lack of response - but we would attend a conference in Q1, 2009, to discuss the idea of the AMF further. The economic crisis brings great ramifications, and we shall see drastic changes globally.

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Re: Proposal of the Asian Monetary Fund

Post by scorpion » 21:06:05 Tuesday, 14 November, 2017

The following nations would be interested in serious AMF talks:

Indonesia
Thailand
Philippines
Singapore
Malaysia
Vietnam
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Re: Proposal of the Asian Monetary Fund

Post by Serenissima » 21:12:38 Tuesday, 14 November, 2017

A conference to discuss this between finance ministers and hopefully sign a treaty will be held in Q1 2009 in Yokohama at the Pacific Plaza.
"Imagine lies, and then write them down in order. That is literally all authors do!"

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Re: Proposal of the Asian Monetary Fund

Post by Zhukar » 21:24:18 Tuesday, 14 November, 2017

South Korea is still interested in these talks
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