I. Introduction

II. Considerations on the Status Quo

III. Challenges for the CMIM Framework

IV. Approach 1: Establishing and Operating an Asian Currency Scheme
  1. Background and Motivation
  2. Phase I: Using Local Currencies in Trade Settlement
  3. Phase II: Enhancing the Investment Opportunities and Developing Interbank Foreign Exchange Market
  4. Phase III: Full Capital Account Liberalization
  5. Potential Benefits and Risks

V. Approach 2: Addressing the Issue of Conditionality and Surveillance Capacity
  1. Background and Motivation
  2.  Policy Option:  Collaboration with the IMF to Enhance Regional Surveillance

VI. Conclusion

Appendix