Privately, Asians admit that the plan lacks specifics, and that some lines of credit already exist. IMF officials are dismissing the idea. Nevertheless, the Chiang Mai agreement may be a straw in the wind. Another sign of the search for more effective regional mechanisms is the agreement among the 10 nations of the Assn. of Southeast Asian Nations and Japan, China and South Korea to consult regularly on issues of mutual interest. Yet, there are many obstacles to cooperation in Asia.
Countries vary greatly in size, economic achievement and development ideology.
The many cultures have fought bloody wars among themselves. Asians argue that the U.S. has lived with and even promoted regionalism in Europe and in the Western Hemisphere, and have nothing to fear in Asia. Much would depend on the Asian agenda. Washington is maintaining a watchful eye, not yet persuaded that Asian talk of regional initiatives will amount to much. The U.S., however, would do well to examine the underlying motives behind this summer's discontent in Asia.