IMF Managing Director Horst Koehler was reported as backing an independent Asian Monetary Fund when he visited Malaysia early September. The idea emerged during the Asian crisis in the late 1990s and gained momentum in Asian capitals but was strongly opposed by the US. “I think it’s stupid that when the idea first came up, there was such hostility” said Koehler who also praised Malaysia for its heterodox management of the Asian crisis, which included a currency peg to the US dollar and hotly-debated capital controls. Malaysia’s recovery was quicker than its neighbours’.
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