Idea Eamf,

With the rapid development of IT, financial globalization results in the globalization of financial crisis. Regional, even world financial crisis impacts greatly on the global economy. For the inefficient work of the international organizations, countries in the world have to seek new ways for the development of economy, when the trend of international monetary cooperation occurs and is enhanced gradually. The use of Euro set an example of regional monetary integration, which marked a new developing period of international monetary system after the Gold Standard, Bretton Woods System and Jamaica System. However, Asian financial and monetary cooperation is relatively backward. While the Asian financial crisis happened in the summer of 1997 pushed the monetary cooperation of East Asian region to the agenda. In September 1997, Japan put forward again the concept of Asian Monetary Fund and got wide support from the East Asian countries. It became the important measure for countries of this region to enhance policy negotiations to defend the international economic crisis and protect the security of this region, and it also set foundations for the idea of the Asian Currency. The agreement on the "Chiang Mai Initiative"–the signing of the bilateral monetary exchange agreement under the frame of "10+3"(10 countries in ASEAN plus China, Japan and Korea) in May 2000 marked the first historic step for the East Asian regional monetary cooperation. However, the monetary exchange is only the primary form of the monetary cooperation. With the integrative development of the East Asian economy, monetary exchange cooperation will surely develop towards monetary fund cooperation in a high level. On the respect of the international situation of both the economic globalization and the international monetary regionalization, on the certain background of the Asian financial crisis, and depending on the fact analysis, comparison analysis and regulation analysis, this paper makes a detailed analysis about the necessity, feasibility, cost and profit of the Asian Monetary Fund based on the fact of the East Asian economy. On the basis of the above mentioned analyses, it also makes a primary concept about the tenet, organization structure, components, principal business and functions of the EAMF after it was founded. Since the Asian Monetary Fund put forward, East Asian countries have made great progress in the monetary cooperation, although they have to face multiple problems that still exist. They are making the EAMF come into being on the basis of continuously solving the problems. It can be sure that the EAMF will be built up before the people of the world in the near future.