Yet for a number of more optimistic ASEAN- watchers, the long-term benefits of state interaction in building up the CMI's BSAs, the possibility of pooling the region's central bank resources to underwrite the BSAs, and the benefits of the exchange of information that has accompanied attempts to implement the ASM are seen as positive development (Manupipatpong 2002: 16).They are viewed as being part of an East Asian regional socialization process that helps to create regional identity building while at the same time enhancing the ability of ASEAN members to act in the face of any future currency crisis.