The international financial system needs to be improved to prevent and manage economic crises in East Asia. Lessons from past crises show that current measures are not enough. The G20 Summit and IMF have made some changes, but more is needed. Surveillance of major economies is weak, and there are no clear rules for handling debt or failing financial firms. East Asian countries should focus on building strong national financial systems, connecting markets, improving regional liquidity, and coordinating exchange rates for stable growth.