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Until the mid-1990s, economic development in East Asian countries was overestimated, particularly by the World Bank, which described it as an "economic development miracle." In fact, these countries faced a monetary crisis in 1997 and economic recession in the following years. The causes of the crisis were internal to each country but also due to the international monetary system overseen by the IMF. Yet, these countries have followed the road to recovery more quickly than was anticipated. During this process, the Japanese role in regional cooperation has been limited under the joint influence of the IMF and the United States. However, it is clear that for the first time since this crisis, these countries recognize the necessity of regional cooperation and of sharing financial and monetary arrangements.