Asian currency turmoil: What the turmoil taught

Mitsuo Sato, President of the Asian Development Bank (ADB), examines the causes of the East Asian financial crisis, and points out some lessons that can be learned from it. The ADB, he says, will have to accelerate its efforts to transform itself from a conventional project financier to a broad‐based development institution, in order to meet the changing needs of the Asian region. Policies related to the overall sustainability of the development process should be central to the Bank's operations, and it should focus on building up institutional capacities in its developing member countries. The ADB can use its credentials to catalyze resources for member countries, and should continue to promote sub‐regional cooperation.