{
  "title": "Turning up the Volume—Asia's Voice and Leadership in Global Policymaking",
  "publication": "IMF Blog, July 11, 2010",
  "sourceUrl": "https://www.imf.org/en/blogs/articles/2010/07/11/turning-up-the-volume-asias-voice-and-leadership-in-global-policymaking",
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  "summary": "Author: Naoyuki Shinohara; Location: Daejeon, Korea.",
  "sections": [
    {
      "heading": "Conference context and thesis",
      "content": "- Author: Naoyuki Shinohara; Location: Daejeon, Korea.\n- Event: Asia 21: Leading the Way Forward — a high-level international conference hosted by the IMF and the government of Korea.\n- Central argument: Asia’s increasing economic weight, policy experience, and regional cooperation make its voice and leadership essential in global economic and financial policymaking."
    },
    {
      "heading": "Economic powerhouse: scale and near-term outlook",
      "content": "- Key facts:\n  - Asia accounts for over half the world’s population.\n  - Asia accounts for more than 25 percent of global gross domestic product (GDP).\n  - Twenty years from now, Asia’s economies will likely represent more than 40 percent of global GDP, and they will be larger than the US and EU combined.\n- IMF short-term outlook (as presented):\n  - Asia is seen growing by about 7¾ percent this year (up about ½ a percentage point from what we envisaged in April).\n  - Growth led by 10½ percent growth in China."
    },
    {
      "heading": "Benefits of regionalism and institutional arrangements",
      "content": "- Two aspects of Asia’s regional approach highlighted:\n  - Intraregional economic monitoring and analysis have gained momentum, improving understanding of interlinkages and potential shocks.\n  - Regional financial mechanisms and external arrangements enhanced resilience during the crisis, including:\n    - Strengthening of the Chiang Mai Initiative last March.\n    - Use of swap line facility with the US Federal Reserve.\n- Implication: Policy coordination and regional institution-building can contribute to a more effective global financial safety net."
    },
    {
      "heading": "International engagement and rising prominence",
      "content": "- Asia’s multilateral engagement and representation:\n  - Six G-20 members from the region: Australia, China, India, Indonesia, Japan, and Korea.\n  - Korea is chairing the G-20 this year, the first emerging market to do so since the crisis.\n  - The G-20 mutual assessment process (MAP) reflects Asia’s collaborative economic-analysis style.\n  - Asia’s representation on major standard-setting bodies includes the Financial Stability Board and the Basel Committee.\n- Financial contributions to global safety nets:\n  - Several Asian countries agreed to bolster the IMF’s lending capacity via pledges to expand the IMF’s New Arrangements to Borrow.\n  - Japan provided $100 billion and was joined by Korea, China, India, and Singapore."
    },
    {
      "heading": "IMF governance, engagement, and policy implications",
      "content": "- Historical mandate referenced:\n  - The Fund’s purpose in the Articles of Agreement: to “promote international monetary cooperation through…..consultation and collaboration on international monetary problems”.\n- Current IMF priorities articulated:\n  - Revamp the IMF’s governance structures this year to better reflect the new global economic order and increase Asia’s voice in the IMF’s governance.\n  - Increase the presence of Asian staff at the IMF.\n  - Change how the IMF interacts with members in Asia to better benefit from regional experiences.\n  - Consider options to improve the financial safety net and form a more effective network of peer assessment by building on the G-20 MAP.\n- Policy rationale: Asian leadership is needed both to sustain global growth and to develop policy mechanisms for future challenges.\n\nSource: IMF blog post “Turning up the Volume—Asia's Voice and Leadership in Global Policymaking” by Naoyuki Shinohara, July 11, 2010.\n\n---\n\n Content in this bundle\n\n- 062710a\n  - 062710a (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 062710a (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- high-level international conference\n- Our latest outlook\n- New Arrangements to Borrow\n- providing $100 billion\n- Articles of Agreement\n\nSource: https://www.imf.org/en/blogs/articles/2010/07/11/turning-up-the-volume-asias-voice-and-leadership-in-global-policymaking"
    }
  ],
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    "Authors: Naoyuki Shinohara",
    "Published: July 11, 2010",
    "Author: Naoyuki Shinohara; Location: Daejeon, Korea.",
    "Event: Asia 21: Leading the Way Forward — a high-level international conference hosted by the IMF and the government of Korea.",
    "Central argument: Asia’s increasing economic weight, policy experience, and regional cooperation make its voice and leadership essential in global economic and financial policymaking.",
    "Key facts:",
    "IMF short-term outlook (as presented):",
    "Two aspects of Asia’s regional approach highlighted:",
    "Implication: Policy coordination and regional institution-building can contribute to a more effective global financial safety net.",
    "Asia’s multilateral engagement and representation:",
    "Financial contributions to global safety nets:",
    "Historical mandate referenced:",
    "Current IMF priorities articulated:",
    "Policy rationale: Asian leadership is needed both to sustain global growth and to develop policy mechanisms for future challenges.",
    "**062710a**",
    "[high-level international conference](http://blogs.imf.org/2010/07/09/asia-and-the-imf-a-closer-engagement/)",
    "[Our latest outlook](http://blogs.imf.org/2010/07/09/continuing-the-momentum%e2%80%94asia%e2%80%99s-updated-economic-outlook/)",
    "[New Arrangements to Borrow](http://www.imf.org/external/np/exr/facts/gabnab.htm)",
    "[providing $100 billion](http://www.imf.org/external/pubs/ft/survey/so/2009/NEW021309A.htm)",
    "[Articles of Agreement](http://www.imf.org/external/pubs/ft/aa/aa01.htm)"
  ],
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