Trade integration in East Asia has led to increased synchronization of business cycles among countries in the region, especially in industries with high levels of intra-regional trade. This has raised the possibility of establishing a common currency area in the region. Countries like Thailand, Indonesia, and Malaysia have been reducing restrictions on capital transactions and foreign financial institutions since the 1990s. The 1997-98 crisis prompted further liberalization, with increased penetration of foreign financial institutions in most countries in the region.