The paper is organized as follows. The second section reviews the developments in the European crisis, the related policy response, and its implications for the European financial architecture; the third and fourth sections focus on the increasing use of bilateral swap lines in the recent financial crisis, the Chiang Mai Initiative’s multilateralization, and the potential for further economic integration in Asia; the fifth section looks into the issues of consistency between regional and global financial architectures; and finally, the sixth section points to the relevance of the increasing wave of financial regionalism for the United States, despite the fact that it is not playing an active part in the trend.