Asia's efforts under the Chiang Mai Initiative Multilateralization (CMIM) to immunise its economies from liquidity freezes caused by the sharp outflow of foreign funds during times of market uncertainly are still falling short both in terms of size of funds available as well as the ability for countries in the region to take pre-emptive action.

In an article published in the February edition of the Central Banking Journal, Charles Adams,a visiting professor at the Lee Kuan Yew School of Public