Argument: Other IMF-like regional funds have been created outside Euro
"European Monetary Fund debate: the main points." EU Business. March 11th, 2010: "Is a European version of the IMF new? No. Similar, regional insurance funds are being set up elsewhere, notably among members of the Association of Southeast Asian Nations, plus China, Japan and South Korea. ASEAN groups Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. This fund would hold 120 billion dollars (90 billion euros) in the event of major liquidity issues for subscribers. Latin American countries also want to create a regional alternative to the IMF through their Bancosur lender, launched in 2007 An African fund is likewise under consideration."