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The first volume of this two-volume set examines the reasons for the intensified interest in monetary and financial co-operation within Asia. It then considers the forms that regional co-operation could take in the future in four key areas: information exchange and surveillance systems; resource co-ordination; exchange rate co-ordination; and co-ordination in financial sector reform and development. After extensive analysis of the issues involved in each area, the book lays out recommendations for feasible and desirable forms of enhanced co-operation and actions that could be taken in the short (within two years), medium (three to five years) and longer term (over five years).