What must the East Asian countries commit to do to accelerate the recovery of the global financial crisis?
Overcoming the current global economic crisis requires a global response. Thus, it is imperative for the entire world to strive and step up coordinated efforts for a speedy recovery. East Asian countries have grown into one of the three pillars of the global economy, accounting for 23 percent of the world’s GDP. In this regard, their role is particularly critical. As agreed upon at the recent G-20 Summit in London, it is necessary to implement aggressive measures to revive the economy, including the expansion of fiscal spending. In addition, speedy actions should be taken to stabilize the financial market through rapid liquidation of impaired assets. East Asian countries are closely intertwined by free trade agreements, and thus there is less concern about the possibility of recurring protectionism in the region. Under these circumstances, the countries in the region should be able to expedite the economic recovery with relative ease if they make successful efforts to actively expand f
