Efforts to proclaim its revival, however sincere, ring hollow even to those who care. But it has been notably slow on other fronts such as infrastructure, human resources and technology development, where other emerging economies have forged ahead. Yet its future depends, more than ever, on closer cooperation. We may question whether they are justified. But they are political facts.
Perceptions can define political reality.
That may already be happening. While Japan has been frustratingly moribund for at least a decade, investors are starting to notice opportunities as companies and banks get serious about restructuring and markets open up. The budding reconciliation in the Korean peninsula is tempering the risk of investing, while Seoul's serious drive to push structural reforms has been noticed. In short, while the Northeast is bubbling with excitement, post-Crisis Southeast Asia's image remains badly deflated. And if APT can evolve into an East Asian Community, the bigger grouping may prove a real lifesaver.