The economic consequences from the Asian crisis have been enormous. East Asia had experienced unprecedented economic slowdown, causing a sharp decline in living standards, rising unemployment, industrial breakdown, and social dislocation. Once we had realized the huge negative impacts from the system crisis in the region, there have been tremendous efforts on preventing future crisis since 1997, including structural reforms for each country and regional monetary and financial architecture in the regional level. Even though all these efforts contributed to economic recovery, no one is convinced that the current economic conditions are good enough to induce stable long-term growth. Financial risks in East Asia are emerging. (The rest is omitted.)