On June 13, 2019 in Wonju, Professor Toshiro Nishizawa was invited to speak at 2019 Yonsei EastAsia International College Seminar about regional financial safety net and institutional arrangement for Asia. Following the introduction by Prof. Hyun-ho Joo, Dean of the College, three speakers presented their thoughts on economic and financial cooperation in Asia, followed by a panel discussion where Professor Nishizawa suggested several policy measures to address regional financial stability in Asia. A question asked was how an Asian model of regional financial safety net should be developed. The main thrust of his argument was that AMRO is a model of Asian approach and high quality macroeconomic surveillance and policy dialogue should be promoted with the Chiang Mai Initiative Multilateralisation (CMIM) for rainy days. He also argued that the “IMF stigma” should be removed since “Washington Consensus” had become something like an historical concept and concluded that we should jointly create an Asian model of good policies going forward beyond an IMF approach in a bygone era.
