Meanwhile, the Congress should approve full, unconditional funding for the NAB and the IMF quota increase. The answer is that now is not the time for the Congress to take responsibility for putting the brakes on the IMF's credibility and on its ability to act. For better or for worse, financial markets are looking to the IMF, strongly backed by the U.S., to advance solutions to the individual problems of Asian countries. However imperfect, the IMF is the only institution that can lessen contagion between Asian economies and begin to restore confidence in a region which is vital to American growth. There is no next best option that avoids putting American taxpayers and our export-led growth at risk.
Confidence is too fragile.
Governments in Asia face difficult internal political and social conditions. It would be risky in the extreme to tell Asian countries to work through their problems without the advice and financial support of the IMF and its key members. Should Asia deteriorate further after a negative vote in the Congress, America will not be able to avoid responsibility. To protect important U.S. national security interests in the region, as well as economic prosperity at home, we should do everything possible to avert this. The crisis in Asia is largely discussed in economic terms.