Aside from a few indicators such as poverty levels that remain above precrisis levels (though they are coming down), East Asia's rebound from the Asian crisis of 1997-1998 is more or less complete. The capital-account crisis -- which was both a currency and banking crisis -- and Asia's increasing integration into the global financial market, with its inevitable surges and reversals of private capital, has led the region to initiate actions at national and regional levels to prevent a recurrence.
At the national level, structural reforms in the financial and corporate sectors have enhanced resilience, although much more remains to be done. At the regional level, there has been progress in initiating policy dialogue, sharing resources and developing bond markets.
One example is the ASEAN-plus-Three Economic Review and Policy Dialogue, under which staff of finance ministries and central banks of the 10 countries in the Association of Southeast Asian Nations plus China, Japan and South Korea, meet twice a year to review policies.