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Governance in Asia: From Crisis to Opportunity

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The Role of Governance in the Bank's Response to the Asian Financial Crisis

"East Asia reeled. The world paused. The Bank acted."⁹

The financial crisis that erupted in mid-1997 quickly spread to other Southeast and East Asian economies. The worldwide repercussions of the crisis required a coordinated approach. The Bank acted, therefore, in concert with other organizations and institutions, to introduce fundamental reforms in governance and the manner of economic management.

9. From the speech delivered by ADB Vice-President Peter H. Sullivan at the farewell ceremony for ADB President Mitsuo Sato, Manila, 14 January 1999.

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