Reform of the international monetary system is wide-ranging and complex. Global debate is only just starting. But we must all recognize that this is not something academic or abstract. We need concrete ideas.

As the economic crisis abates, there is an emerging consensus that a better safety net is needed to enable countries with good policies to insure against bad outcomes, especially when they are innocent bystanders.

There was consensus in Daejeon this week that Asia has emerged from the crisis as an economic powerhouse. While initially hit hard, Asia has been able to bounce back quickly and return to a strong growth path.

As my IMF colleagues and I gather here in Daejeon, South Korea with many luminaries from the region, we have an important opportunity to reinvent how the IMF and Asia collaborate in facing global economic challenges.