A system to monitor financial sector vulnerabilities and early warning systems of banking and financial crises has also been established. And Singapore recently announced it would set up an ASEAN+3 Macroeconomic Research Office by May 2011 to support the ASEAN+3 ERPD.

Reflecting their growing economic weight and linkages with other countries in the region, India, Australia and New Zealand should be invited by the ASEAN+3 to join their policy coordination meetings. The deliberations of the "expanded" ASEAN+3 before the G20 summits would provide the ASEAN representatives with a robust agenda to present at the summits.

Third, Asian countries should coordinate their views with that of developing countries in other regions of the world by joining and supporting the informal Global Governance Group (or the 3G), convened by Singapore under the auspices of the United Nations. This group comprises about 24 small- and medium-sized states from around the world (of which six are from Asia-Pacific - Brunei, Malaysia, New Zealand, the Philippines, Singapore and Vietnam), which have come together to develop a constructive dialogue on coordination and cooperation between G20 and non-G20 members.

The 3G has put forward several important ideas in a UN document, such as the proposal that the G20 undertake consultations as widely as possible with non-G20 members before the G20 summits.

The UN Secretary General should be an active participant in all aspects of the G20 process. The 3G suggests that the G20 should take on a "variable geometry" configuration to allow non-G20 states to participate in ministerial and other gatherings and other working groups involving senior officials and experts on specialized issues. Finally, the G20 should continue the practice of inviting established regional groupings to its summits.

The G20 has provided an unprecedented opportunity for Asian countries to be heard on the reform of international monetary and financial architecture and other issues. The onus is now on the Asian countries to deliver. The lead-up to the forthcoming Seoul G20 summit provides an opportunity for Asia to take action.

The author is an associate professor at the S. Rajaratnam School of International Studies, Nanyang Technological University, Singapore.