Regional institutions in East Asia after the financial crisis: Challenges and opportunities

The East Asian financial crisis that began in Thailand in July 1997 has not only provided the region with lessons for how to avoid similar crises in the future, but has also provided opportunities for improving the region's peace and security. The ASEAN Regional Forum (ARF) and Asia-Pacific Economic Cooperation (APEC) have been regarded as the two most important regional institutions regarding security and economic issues respectively in the Asia-Pacific. Within these two institutions, the Association of Southeast Asian Nations (ASEAN) has played a significant role. The financial crisis has brought a deep impact on the region's economic security and political stability. important is for ASEAN to take a flexible approach of engagement to regional affairs and to install concrete measures in these two institutions that will help prevent similar crises from recurring in the future.