The U.S. is in the process of transforming from a trans-Atlantic economy to a trans-Pacific one.

Strength in the region's currencies is out of step with weaker growth and trade, and the threat of more easing.

While its mandate is domestic stability, concerns about Asia's growth limits the Fed's ability to normalize rates.

Entrenched economic interests and a "little bric" of bureaucracy, regulation, interventionism and corruption continue to impede the structural changes needed to attract more foreign direct investment and drive long-term job creation in Asia.

Could the opening of the world's second-largest building in the heart of Shanghai portend a financial crash?

Governments across Asia must devise ways to transform their education and training systems, so that workers acquire the skills they need to boost economic growth and productivity.

Asian policymakers need to understand that currency devaluations aren't a cure-all — and if they pursue trade-offs there's no avoiding their downsides.

Asia's rapidly growing middle class will serve as a keystone for economic and political development in the region.

Last year, interest rates were supposed to start rising in the U.S. and U.K. and quantitative easing would deliver increased inflation in Japan. Twelve months later, economic headwinds from China are a major reason why normality seems as distant as ever.

Tighter U.S. monetary policy could intensify the global credit shortage, thereby increasing pressure on Asia's economic and financial systems.

Asia has come a long way since 1997. But rapid growth and its unquestioned success in surviving the global meltdown has revived a hubris that policymakers need to own and analyze.