Columbia International Affairs Online: Policy Briefs

CIAO DATE: 05/2010

Lessons from the Asian Monetary Fund for the European Monetary Fund

Yonghyup Oh

April 2010

Centre for European Policy Studies

Abstract

The euro area is facing a challenge with Greece in danger of falling into sovereign default and some of its other members, the so-called 'GIPSY' nations, finding themselves in serious financial distress. Creation of a European Monetary Fund to deal more effectively with this type of situation is gaining support. This paper draws lessons from the Asian experience that might be applied to the current European development.