This study examines success factors and limitations for cases of agricultural development cooperation projects promoted in six Southeast Asian countries - Vietnam, Laos, Cambodia, Indonesia, the Philippines, and Myanmar. As evidenced by the United Nation’s Millennium Development Goals (MDGs) and the subsequent Sustainable Development Goals (SDGs), the sustainability of agriculture becomes the foundation for achieving key goals such as eradicating poverty and hunger and achieving food security. Considering the reality of Southeast Asia where the majority of the population resides in rural areas, agricultural development cooperation is also directly related to efforts to improve the livelihood of local residents and to alleviate the development gap across regions. Recognizing its importance, the Korean government has implemented various types of development cooperation projects by focusing on rural development. Among them, Southeast Asia is a major target region for Korea's agricultural development cooperation. From the total amount of Official Development Assistance (ODA) programs in the field of agriculture, forestry, and fisheries invested in Asia from 2010 to 2018, 82.2% of the funds was used in the Southeast Asia region. Of these, the total amount of support invested in these six countries accounts for 97% of the total support in Southeast Asia. In this regard, this study, which analyzes the cases of six Southeast Asian countries, is expected to provide meaningful implications for improving agricultural development cooperation projects.
   In this study, cases were arranged in a balanced manner corresponding to the strategic goals of the mid-term rural development strategy established by the Korea International Cooperation Agency (KOICA). Two cases were assigned for each type so that the implications of the comparative study could be gleaned. The strategic goals of mid-term rural development strategy established by KOICA are as follows: increasing agricultural output consistently and strengthening marketability, inclusive and sustainable rural development, and conservation of natural resources and production systems of agricultural and fishing villages by responding to climate change. The cases of Vietnam and Laos can be classified into projects related to the goal of increasing agricultural productivity and strengthening marketability. The difference in the two cases is that Vietnam case one is improving the value chain and the other the use of appropriate technology to meet the goals. For inclusive rural development, Cambodia and Indonesia cases were assigned. Cambodia is a typical comprehensive rural development program that has applied the Saemaul Undong(new village movement) model. The case in Indonesia is similar, but is differentiated in that the project focuses more on reinforcing the residents' capabilities to manage village-level corporations. The case of the Philippines and Myanmar can be classified as a project to cope with climate change. The difference is that the Philippines focused on building an eco-friendly agricultural system through agroforestry, while Myanmar focused on forest management.
   This study also included and assigned cases in consideration of diversity among implementing agencies involved in development cooperation projects, in addition to categorizing all projects by strategic objectives of Korea’s agricultural development cooperation into three types as mentioned above. Since the so-called “Busan Declaration,” which aimed to expand and strengthen public-private partnership at the 4th High Level Forum on Aid Effectiveness held in Busan in 2011, has been adopted, the extent of participation by the private sector has greatly expanded in international development cooperation in Korea. This trend was also noticeable in the agricultural sector, which is focused by international development cooperation programs in Korea, resulting in a sharp increase in the number of public-private partnership projects and diversification of participants. In response, this study attempts to confirm the effect of private-sector participation by adding project cases led by the private sector in addition to projects directly undertaken by government agencies. Considering the diversity of participants in the private sector, cases were evenly organized into corporations, universities and academic institutions, and civil society organizations. Accordingly, among the cases covered in this study, only Cambodia was a project directly promoted by a government agency (KOICA), and all other cases consisted of projects involving the private sector. In the case of Vietnam, Korean private corporations participated; in the case of Indonesia, university took part; in the case of the Philippines, civil society organization participated; and in the case of Laos, academic organization took part. In the case of Myanmar, in addition to the ODA project carried out by government agencies (KOICA and Korea Forest Service), the project implemented by civil society organizations through the Social Contribution Fund was added as a case of comparative study.
   To hypothesize the factors of success, this study evaluates the performance of each case by comprehensively considering the results of previous studies, the five evaluation criteria of the Organization for Economic Cooperation and Development(OECD) Development Assistance Committee (DAC), and KOICA's standard performance indicators for rural development and organized a checklist of success factors. Accordingly, the list of success factor checklists prepared in this study has 22 items, which are commonly identified by participating researchers in all cases. It is important to note that the items presented in the checklist are shown in a single table for comprehensive summary and comparative analysis of success factors identified in this study. However, having more items in the checklist does not necessarily indicate that it is a more successful project. It is difficult to expect that a single case will satisfy all items in the checklist as the characteristics of individual project is different and the goals are set differently. Therefore, the comparison table presented in this study should not be used to show on how many detailed items each case encompasses. Instead, it should be used as a reference to identify the following: what factors contributed to the success of the case, how these and other factors are combined, and how well they are implemented.
   This study consists of three parts: introduction, case studies, and conclusion. Chapter 1, an introductory part, describes the purposes and methods of the study, and the composition of each chapter. In Chapter 2, agricultural development cooperation trends in Southeast Asia have been briefly introduced and the relevant previous studies and domestic and international project evaluation criteria have been reviewed to establish hypotheses for the cases subject to study. The results of the review are the items listed in the success factor checklist, and the success factors presented in the case study results of the main body are described around the items identified in this list.
   Chapters 3 to 5, the main body of this paper, are the results of analysis of development cooperation projects conducted in the six countries of Southeast Asia, which are the subjects of this study, classified by Korea's medium-term agricultural development strategy goals. The results of analyzing the outline, major achievements, and success factors of each case have been presented. Chapter 3 deals with the cases of Vietnam and Laos as the project type of “sustainable farm output and marketability.” The “Saemaul Project for Developing Agriculture Value-Chain in Ninh Thuan Province, Vietnam” is the Rural Development Creating Shared Value(CSV) project that aims to increase the income of the poor in rural areas through the CJ-partnership with KOICA to establish an agricultural value chain ranging from production to processing, distribution, and sales through technical education and market development. It was evaluated as an excellent project in that it not only properly set up project components to achieve its goals and enlisted participation of various stakeholders, but also utilized the technology of the enterprises and linked development cooperation with corporate activities. However, this case leaves another lesson, given that the limitations of this type of participation were clear. If a corporate entity participates in the value chain process, improving the market and opening outlets can contribute to the increase in farmers' income. However, it is difficult to ensure sustainable performance if companies do not keep their presence at the final stage of the value chain. In this regard, this case provides a lesson that the mechanism of organizing farmers and encouraging their voluntary participation must be included in the project components, in order for the effectiveness and impact to be a main success factor beyond the efficiency.
   The “Lao-Korea Sustainable Technology Center Project” is noteworthy as it is a case that demonstrates how the utilization of appropriate technology, which has focused on supplying eco-friendly energy sources, can be successfully applied to community development. The key achievement of this case is that the technical limitations of utilizing existing resources of the community were overcome by putting appropriate technology available in the local context. The fact that Korea's academic organizations and local universities in Laos established an Appropriate Technology Center, shared information, trained human resources needed for the projects, and systematically managed the project outcome is considered to be an advantage of cooperation projects initiated by academic organizations. However, by establishing an Appropriate Technology Center alone, it was difficult to create coherent systems such as continuous training for ethnic minorities in mountainous areas, harvesting, marketing, and sales of crops. Nonetheless, it is remarkable that the appropriate technologies were disseminated and applied up to the local community level, aiming to share development benefits with the community and to enhance sustainability of local production.
   Chapter 4 dealt with Cambodia and Indonesia as cases of “inclusive regional development” projects. The study of “Self-Supporting Rural Development Project with Saemaul Undong (SMU)’s Participatory Approach” analyzed the success factors of the New Community Movement Project, which was carried out across 30 villages in Cambodia from 2014 to 2018. In this case, the situational diagnosis and appropriateness of strategy, establishing the foundation for economic self-reliance, institutionalizing the local people's participation, and systematic follow-up management were cited as success factors that contributed to achieving the goal. It was mainly thanks to the fact that the project's plan was established based on a close preliminary investigation after selecting a pilot village with high potential for success through a feasibility study, which actively reflected the residents' demand and opinions in the process of establishing a detailed project plan. The fact that the possibility of economic self-reliance was increased by establishing an agricultural production base, and the project was promoted using the existing village organization was the main driving force that led to the trust and participation of the residents. In addition, the fact that the leading entities made periodic checks, guidance, and evaluation so that the project will not deviate from the original plan and that project budgets were given out differently depending on evaluation results to encourage inter-village competition were an important success factor.
   The “Yogyakarta (Indonesia) Community Capacity Building Project,” introduced as one of the model cases for university-led development programs, is a case in which village corporations are successfully run by the village residents themselves even after the program is over. The achievements of this project is not just limited to economic effects represented by income growth. The more important aspects of this project is that it elicited personal change in the form of the residents' improved self-esteem and self-confidence while at the same time the community-wide impact in the form of camaraderie, trust, and more democratic relationships among the residents. To make sure that previous errors would not be repeated, the entities leading the project readjusted the strategies of follow-up projects. The success of the project is also attributed to the strengthening of the pre-investigation to establish strategies suitable for local conditions, and to the enhancement of women's role and desire to participate in social activities so that women of similar backgrounds can be members of village corporations while creating a system for custom-tailored education and self-reliance. In addition, the fact that the project drew cooperation from local universities, civil society organizations, and local governments was also key to the project's continued performance and success even after the project was completed.
   Chapter 5 analyzes development cooperation projects promoted in the Philippines and Myanmar as cases of projects to cope with climate change. The study of the “Eco-friendly Crop Diversification and Income Increase through Agroforestry in the Philippines” reminds us of the lesson that organizing residents and strengthening their capabilities through education are key to establishing an eco-friendly agricultural production base in the community in a stable manner. The relationship between local universities and the people’s organizations in the Philippines, for which Korean civil society organizations have nurtured over a long period of time, has been the foundation for success. It was mainly thanks to the fact that contents and area of the project was selected based on continuous communication, while the project was monitored step by step to supplement problems. In particular, the following were also important factors in the project: small-scale farmers with low economic standing selected as major subjects of the project, cooperation from local landowners and local governments to secure farmlands needed to practice agroforestry, and the participation of indigenous peoples who used to damage forests due to slashing and burning of fields.
   The study of the “Dry Zone Forest Management Capacity Building Project in Central Myanmar” presented comparative implications by comprehensively analyzing ODA projects conducted by government agencies and follow-up projects carried out by civil society organization. The forest greening project in central Myanmar, where forest degradation is accelerating, can be evaluated as a project that actively accommodated the development needs of a recipient country, given that it was a support project for the forest restoration and management project that the Myanmar government has pursued for a long time. It was found that the forest greening project, which had been promoted four times over the past 20 years, has been successful due to the use of appropriate technology in consideration of the topographical and soil conditions of the area. More importantly, as the project was carried out four consecutive times, the management of existing projects was carried out through follow-up projects. However, these achievements reveal the limitations of Korea's development cooperation projects which are mostly short term. This means that if no subsequent projects are created, sustainability cannot be guaranteed. The Community Forestry model, which was conceived by civil society organizations involved in the project's fourth round but not realized by the ODA initiative, is considered an alternative development model to enhance the sustainability of the project while reducing reliance on ODA. The possibility can be seen in the case of the “Happy Water School” project, which was proposed as a comparative case with the forest greening project promoted by the ODA project, was initiated by the civil society organization through the Social Contribution Fund. Through the achievements and limitations of the projects implemented by the two organizations, this case shows that continuity and connectivity of the projects are important factors in ensuring the sustainability of the development cooperation project. At the same time, this case study suggests that public-private cooperation needs to be promoted more substantially in a way that fully demonstrates the capabilities of civil society organizations that have accumulated empirical knowledge and technologies in related fields and ensures their autonomy.
   Chapters 6, which corresponds to the conclusions, provides a summary of the results of the case analysis from Chapter 3 to 5, as well as policy suggestions and limitations of this study. Within the empirical range of the cases covered in this study, the policy implications and suggestions are largely summarized into the following five. First, even in development cooperation model planed for mobilizing community people such as the New Community Movement project, it is difficult to expect ideal outcomes without understanding the local context. Consequently, the strategies need to be applied flexibly based on in-depth understanding of the local conditions. Cases of this study show that this type of project can be successful only when thorough basic survey is conducted, custom-tailored strategies is designed, and the people participate actively as major actors. The village's willingness to participate can be guaranteed when the implementation plan is established through a thorough preliminary survey, and is referred it back to the people's open discussion. As the Cambodian case testifies, it is also a strategic approach to gradually increase the size of the project as a way to raise the expectation of continuing the project while making the residents experience the effects and benefits of the project in a short period of time.
   Second, in the case of public-private partnership projects, it is necessary to increase their proportion in Korean international development cooperation in the future and encourage the participation of various agents, while respecting their autonomy. The bottom-up public-private partnership approach fits perfectly with Korea's development assistance model given its relatively small budget. The analysis results of the cases of public-private partnership projects introduced in this study showed that private enterprises participate in projects in ways to diversify horizontal networks based on their unique expertise and value contribution. The participation of private enterprises has been a major contributor to market development and value chain improvement. It was found that the participation of local universities provides knowledge and expertise in the local area, as well as the provision of manpower, while contributing greatly to enhancing the sustainability of the project through human resource development. The participation of Korean universities has the additional effect of contributing to the development of talents in Korea. The participation of civil society organizations showed the possibility of enhancing sustainability by projecting their own value orientation into development cooperation. The autonomy of private institutions should be further guaranteed in the future so that these advantages of public-private partnerships can be fully realized.
   Third, it is necessary to review the implementation plans of new and follow-up projects in the direction of extending the project period as much as possible and strengthening continuity and linkage with existing projects. If the project is implemented continuously for a long time, the likelihood of success increases exponentially. Therefore, unless it is obviously unsuccessful, it is necessary to extend the project period. However, in order to increase the effectiveness and sustainability of the project, it is necessary to sequentially increases the project size as described above. It is also necessary to avoid simple extension or continuation of the project period without these considerations. In this regard, when selecting a follow-up project or a new project, it is desirable to check whether the project plan has been established in the direction of enhancing the linkage between the projects by utilizing the infrastructure or various types of resources established through the existing projects, and whether the evaluation and improvement plan is appropriate.
   Fourth, more attention and support are needed for the introduction and application of appropriate technology. Support for appropriate technology considering the level of technology competence, resources that are available or can be mobilized, and local knowledge level of the host country can greatly contribute to enhancing the sustainability of development cooperation. Additional effects of environmentally friendly development that have emerged as an important issue in recent years can also be expected. Considering the agricultural structure of Southeast Asia centered on small farmers, the introduction and application of appropriate technology is even more urgent. An approach that suits the local environment is more desirable to raise the level of local technology rather than simply transferring and transplanting state-of-the-art technologies possessed by Korea.
   Finally, it should be emphasized that people are the decisive actors who hold the success or failure of the development cooperation project. Material and technical support by itself does not bring happiness. All projects are carried out by people. The participation of local residents in the recent international development cooperation literature is important, but the role of those providing development assistance is even more important. The success or failure of the development cooperation project can be clearly determined depending on what competent field managers are deployed and how he/she communicates with local residents. The field orientation that strives to escape self-centeredness, the democratic attitude that listens to opinions from local residents, the connectedness that seeks harmony between the project team and the village's political process, and the adaptability to find and solve problems early on are the virtues required by our development workers. In order to possess these virtues, local knowledge and local communication skills are essential as well as development expertise. Therefore, it is essential for our development assistance programs to include these capabilities as important evaluation criteria in project selection and continuity assessment so that appropriate field managers can be selected. In addition, the achievements of fostering local human resources should be added to the evaluation criteria of development cooperation projects. This is because it is precisely the local talents who can succeed and develop the achievements further even after international development project teams leave the village. To this end, it is necessary to improve evaluation criteria so that long-term and systematic human resource development plans can be included in individual projects, rather than providing resident education only for the period during which the project is undertaken.

   Conflicts between the United States and China have been appearing in various forms across many regions; it can be seen in trade, commerce, politics, and diplomacy. In addition, it is likely that the conflicts between the two countries intensify as the multilateralism would be threatened and protectionism would emerge in the post-COVID 19 era.
   Latin America is not an exception to this issue of the US-China conflict. In terms of national security, the United States has only option to react sensitively to the growing influence of China in Latin America, considering the geographical proximity between the United States and Latin America. For this reason, varied conflicts between the United States and China occur in Latin America.
   This study investigated the patterns of US-China rivalry that appeared in Latin America and analyzed the effects of this rivalry on Latin American countries in multifaceted ways. In Chapter 2, we examined how the US and Chinese foreign policies against Latin America have changed. Furthermore, we summarized specific policies against Latin America that were implemented under the Trump administration. The fundamental goal of the US policy was to occupy a regional hegemony in Latin America by giving them incentive and pressure. In particular, the Trump administration tended to weigh on Latin America in many sectors such as immigration, infrastructure, and so on. By contrast, Chinese policies against Latin America aim at maintaining cooperative relations with Latin America in the absence of specifics.
   In Chapter 3, we presented several examples of the US-China conflict that were observed in Latin America. This conflict was mostly prominent in the infrastructure sector, in which the United States was likely to press Latin America in order to exclude China from related projects.
   In Chapter 4, we conducted an empirical analysis by focusing on the trade dispute between the United States and China that occurred in 2018. Specifically, we analyzed the impact of the retaliatory tariffs between the two countries on exports of major Latin America countries to United States and China. In addition, we complementarily examined the effect of the trade dispute on the welfare of the Latin American countries with the CGE (Computational General Equilibrium) model. As a result of the empirical analysis, Brazil’s export to China have increased significantly since the imposition of the tariffs, and then the effect has disappeared over time. In contrast, there was no consistent pattern for countries other than Brazil. The impact of the US-China conflict on the welfare of the countries in Latin America was trivial.
   The conflict between the United States and China that occurs in Latin America could be an opportunity for Korean companies that seek to advance into Latin America. The companies may be given an unintended chance as Latin America is faced by US pressure to rule out China from infrastructure sector. Therefore, it would be important to monitor the political position of Latin American countries in terms of seeking opportunities to enter Latin America in the future. 

   After the East Asian financial crisis in 1998, the need to strengthen financial cooperation, including liquidity support at the regional level, emerged. Accordingly, the Chiang Mai Initiative (CMI) was signed at the ASEAN+3 Finance Ministers’ Meeting in 2000, and institutional efforts to strengthen regional financial cooperation have been continued for 20 years. The outcomes of this effort include the Chiang Mai Initiative Multilateralization (CMIM) and the Asian Bond Market Initiative (ABMI). However, it is difficult to find countries actively utilizing them. For example, even though the blockade caused by the spread of COVID-19 in 2020 led to a decline in economic activity and suffered instability in the foreign exchange market, none of the ASEAN+3 countries attempted to resolve market instability by using regional financial cooperation mechanisms. Under this circumstance, we try to find the reason for the poor use of CMIM. First of all, CMIM is linked to the International Monetary Fund, so it cannot be free from the sigma effect. The size of support is also small, as well as using the holding amount. Chapter 2 pointed out the lack of leadership and vision as the cause of the failure to improve even though there was the awareness of such institutional weakness in the region. Therefore, a plan to increase the effectiveness of CMIM was suggested as follows. First, we suggest establishing a “CMIM Fund” and the future vision of regional financial cooperation by introducing regional currency cooperation and regional settlement systems in connection with financial cooperation. Second, It will also helpful to bring Australia and New Zealand as new member states. This is to take advantage of the developed financial industries of those countries while coming out of the sluggish financial cooperation caused by political conflicts between the existing member states. ABMI, which has been performing the most within the ASEAN+3 framework, has taken the strategy of presenting a new roadmap every certain period of time, thereby facilitating the introduction of financial infrastructure and institutions in the ASEAN region as well as the development of the local currency denominated bond market. However, due to the gap in the level of economic development among member countries, there are limits such as the continuing difference in the degree of development of the bond market between ASEAN+3 countries and the still large regional infrastructure investment gap. Chapter 3 proposes a multilateral and bilateral approach to improving the financial settlement infrastructure and expansion of regions including Australia and New Zealand to address these problems. In Chapter 2, the participation of Australia and New Zealand to improve the governance structure of CMIM was considered. In terms of the local currency bond market, it is interesting to discuss with Australia. As of the second quarter of 2020, the size of the bond market in Australia is $2.19 trillion, similar to the size of the Korean bond market. The peculiar thing is that the share of financial institution bonds is 53.9%, which is considerably higher than that of the US, UK, and Japan. In addition, as the share of raw materials in Australia’s export composition is close to 60%, the Australian dollar shows a high positive correlation with raw material prices. In other words, unlike most advanced countries’ currencies, it has the property as a risky asset that reacts sensitively to fluctuations in commodity prices. This can be interpreted as, for example, that there are many cases of moving in the opposite direction to Japanese yen assets, and it can be seen that it helps to organize an optimal portfolio. Therefore, attempts to expand ABMI’s regional reach, including Australia and New Zealand, which are pursuing policy strengthening of cooperation with ASEAN will be meaningful. Chapter 4 looks at monetary cooperation between East Asian countries and explores the possibility of new cooperation through the use of Central Bank Digital Currency (CBDC) in this region in the future. The fundamental reason why East Asian monetary cooperation has not been successful is that it has set a low-realistic goal of stabilizing exchange rates in the region. Therefore, we would like to consider setting a more specific goal of “cooperation in issuance and common use of CBDC” and think about ways to achieve more visible results. Still, the cross-border payment and settlement process involves problems due to high costs, risks, and uncertainty in transactions. If CBDC is introduced and can be used for international payment and settlement, this problem can be solved in terms of improving the efficiency of payment settlement and promoting the internationalization of the local currency. However, in order to realize this, cooperation between central banks of regional countries is essential for the holding and using the CBDC. Cooperation through the CBDC may lead to a change in the international monetary order centered on the US dollar, and in the process of cooperation, international capital movements may be promoted, leading to further fluctuation of exchange rates. However, rather than reducing options due to excessive concern about this, we suggest that the time has come when efforts to realize the potential of cooperation through CBDC are needed. The effect of promoting the international use of Korean won could also be achieved. More specifically, it is possible to consider raising the “cooperation through CBDC” as a new agenda at the ASEAN+3 Finance Ministers and Central Bank Governors Meeting or Regional Comprehensive Economic Partnership (RCEP). In Chapter 5, we present new options that can be considered in order to escape the inactivity of financial cooperation in East Asia and cultivste the cooperation. In other words, from the perspective of change the existing cooperation structure centered on ASEAN+3 into a new one, it is transforming into regional development cooperation and expanding and moving its center country to Northeast Asia. The Northeast Asian region has great growth potential and enormous demand for investment, as it is called “the last major economic resort of the Asian continent”. However, since funds are insufficient to satisfy this, the establishment of a development financial institution in Northeast Asia is proposed as an additional method like Northeast Asia Development Bank, Northeast Asia Infrastructure Fund, and Northeast Asia Development Corporation. As a result of comparing and analyzing these three alternatives from various angles, the Northeast Asia Development Corporation seems to be the most suitable. The reason is that it does not require membership qualifications in international financial institutions when supporting funds first, allowing efficient allocation of funds. In addition, development-related banks in each country can avoid the form of international organizations, and local governments instead of central governments can participate, making it easy to establish. In addition, there are many other advantages, such as encouraging private participation and, from the standpoint of Korea, fostering the asset industry and enabling efficient use of long-term capital. However, in consideration of the fact that it cannot be free from political issues, some cautions are needed regarding the implementation system of the Northeast Asia Development corporation. First, rather than the government’s direct initiative, development banks, such as development banks and export-import banks, should lead the establishment, while encouraging the participation of private financial institutions in the region by emphasizing its commerciality to attract public-private cooperation. Second, it is not necessary to exclude China’s participation itself, but it is desirable to avoid letting China play a key role. This is because China’s pursuit of a one-on-one route and already high in its own fundraising capacity cannot rule out the possibility that this participation will be part of an external strategy rather than a regional development and cooperation level. Third, the Northeast Asian Development Corporation should also actively promote cooperation with existing multilateral development banks, such as Asian Development Bank (ADB) and European Bank for Reconstruction an Development (EBRD). Fourth, in order to focus on the aspect of financing necessary for the development of the Northeast Asian region, it can have a practical effect to establish the Northeast Asian region as the scope of activities of the Northeast Asian Development Corporation rather than encompassing all countries subject to economic cooperation with the New Northern Policy. In Chapter 6, we also propose a transition to the subject of financial cooperation, which is the transition from ASEAN countries to Central Asia, a relatively underdeveloped partner with high demand for development finance. These regional alternatives are Mongolia and Central Asia, which have been alienated from the target of financial cooperation so far in order to prepare Korea’s response strategy to Japan, led by the Asian Development Bank, and China, led by the Asian Infrastructure Investment Bank (AIIB). Cooperation is needed to encompass five countries (hereinafter, Mongolia and five Central Asian countries collectively referred to as Central Asia). Specifically, the “Korea-Central Asian Financial Cooperation and Training Center (tentative)” will be established as soon as possible for Central Asia to maintain the momentum of financial cooperation, and to expand the scope of cooperation to macro-financial fields including KRW settlement cooperation. This should be promoted in a direction that supports cooperation in the real sector, such as discovering new growth engines of the Korean economy in the long term, and finally, we need to build Korea-Europe-Central Asia’s trilateral financial cooperation system through cooperation with Europe, especially EBRD. As discussed above, this study proposes a new policy alternative to overcome the limitations of East Asian financial cooperation. Of course, more precise preparation is needed to implement these alternatives, and it is also acknowledged that the topics covered in this study are only a part of regional financial and monetary cooperation. However, in overcoming the limitations so far, it is hoped that it can be a contribution that provides at least a hint of thought, and it is expected to be more concrete in future studies.