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ABSTRACT. The current international monetary system (IMS) is deemed to be no longer adequate to meet the needs of a complex, integrated world economy. With regards to the reform of the IMS there have been various proposals including the ones to build a stronger global financial safety net to diversify the supply of international reserve currency and so on. These proposals face trade-offs between desirability and political feasibility. Given this situation, a practical transition would strengthen policy coordination among the major economies and reform the IMF. The success on both fronts depends heavily on global economic governance reform and the role of the G20. Increased status and representation of Asian countries in the G20 give both privileges and responsibilities to Asians. To meet these responsibilities, Asians should put forth greater efforts to develop their intellectual leadership in global economic issues
through creating new forum and institutions. pp. 95–121

Keywords: Asia’s role in global governance, G20, international monetary system reform

YOON JE CHO
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Sogang University

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