This is a very interesting and somewhat provocative paper. As with all of Takatoshi Ito’s papers, this one has a message; in this case, the message is twofold. First, that IMF advice to countries engulfed in the Asian crisis was flawed in some fundamental sense. And second, that a regional monetary fund for Asia, possibly modeled along the lines of the IMF, would have helped in containing the crises, presumably by offering more financing or different policy advice, or both. I will deal only with the former in these comments as the author does not really develop the Asian Monetary Fund idea in this paper.