The article explores how countries with fragile financial markets can work together to improve their monetary policies. It looks at different regions like CMA, ASEAN/ASEAN+3, and MERCOSUR to see how they cooperate on monetary issues. The researchers found that global instability plays a big role in shaping regional monetary cooperation. They also suggest that a modern exchange rate theory perspective could help achieve macroeconomic stability. Overall, the study highlights the importance of regional monetary cooperation in addressing economic challenges.