Scarred by the Asian financial crisis a decade ago, the region’s economies have long been stockpiling foreign currency. They also seem to have accumulated a hefty surplus of rescue efforts.

Lee Myung-bak, South Korea’s president, wants a new international agency to address economic problems in Asia. Gloria Macapagal Arroyo, president of the Philippines, announced an agreement to set up a large fund to buy toxic assets. Japan, China, South Korea and the World Bank were all said to be involved. The World Bank did not seem to be so sure about this. Taro Aso, Japan’s new prime minister, looked across the Pacific and mused that the US banking rescue might not stem the decline in stock markets. There is even fresh talk of an Asian bond market; expect it to remain just talk for a while.