Conclusion In a short span of just fifty years, Asia, with its vast diversity in population, ethnicity, social structure and political regime, has made remarkable progress throughout the region. Despite broad and different challenges from urbanisation and rising income inequality to economic crises and social instabilities, Asia has time and time again risen to the occasion and resumed the economic progress. The “Asian miracle” was achieved not by chance, but by pragmatic policies, ensuring sound economic fundamentals and strong institutions. Today, a global shift, triggered by a severe global economic and financial crisis is resulting in an increasingly multi-polar world. In this new phase of globalisation, the concentration of economic power in the global economy will become more dispersed. Asia will very much be a part of this new emerging future. With growth in the advanced economies expected to remain slow and with the emerging economies increasingly becoming the growth centres in the global economy, Asia must review and accordingly change its existing development in this new environment. Of significance, strengthening of the domestic Asian economies supported by the necessary institutions, the further development of the financial markets, and greater regional financial integration that is reinforced with overall regional cooperation. As these trends become more pronounced, it will not only contribute towards unlocking Asia's full potential, but it will also contribute towards a more balanced growth in the global economy. References Asian Development Bank (ADB), 2008, "Emerging Asian Regionalism: A Partnership for Shared Prosperity".

These include the development of a vibrant and efficient foreign exchange market, a deeper and more liquid secondary bond market, the further strengthening of the mutual support arrangements and liquidity support mechanisms to deal with crises, as well as the intensification of capacity and capability in reserve management and the overall capacity building. The institutional arrangements that are now established to deal with financial stresses and crises must be complemented with collaborative arrangements and frameworks to deal with an economic crisis within and of the region. Given the growing depth and magnitude of economic and trade interlinkages within Asia, this will be fundamental towards preserving the overall macroeconomic, financial and social stability of the region. Deeper financial integration within Asia will also facilitate in advancing the strategic positioning of the region in the global financial landscape. In addition, Asia is now having a voice in shaping the direction of international financial reforms and setting of international standards. This represents a positive development and presents the opportunity for the interests of emerging economies, in particular Asia, so that more balanced and comprehensive solutions that will strengthen global financial stability will be achieved. The expanded Asian membership in the international financial institutions would open doors for a more inclusive process in international standard setting and decision making. To support this process, the role of existing Asian collaborative platforms has been strengthened to  12  BIS Review 130/2009  consolidate Asia's position in providing responses to global issues that reflect Asia's concerns and perspectives.