During the Asian financial crisis, the leading financial powers seemingly either declined to take part in the rescue operations, as the United States did in Thailand, or proposed unattainable solutions. The result was the creation of

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ASEAN+3 was created in response to the Asian financial crisis as a mechanism for East Asian countries to improve financial cooperation and stability. This group includes the ten ASEAN members plus China, Japan, and South Korea.

During the Asian Financial Crisis, the Leading Financial Powers Seemingly