Australian Prime Minister Kevin Rudd's proposal in June to create an economic and security institution for Asia, along the lines of the European Union model, came in for some severe criticism. But the global financial meltdown has given Mr Rudd's idea some legs.
Perhaps that is why, in a wide-ranging speech delivered last week in Canberra, China's ambassador to Australia, Zhang Junsai, did not dismiss the idea out of hand.
Mr Rudd raised eyebrows, to say the least, by announcing on June 4 - without consulting his counterparts in the region - that 'an Asia-Pacific Community' should exist by 2020.
It would be 'a regional institution which spans the entire Asia-Pacific region - including the US, Japan, China, India, Indonesia and the other states of the region,' he said.
'A regional institution which is able to engage in the full spectrum of dialogue, co-operation and action on economic and political matters, and future challenges related to security.'
At the time, Mr Rudd struggled to gain endorsements for his proposal from key players like China and the US.
But times have changed. The tumultuous events of the past few months have demonstrated more than ever the need for strong regional and global architecture to ensure that crises can be avoided, or at least that their worst effects can be mitigated, and that economic and financial turbulence does not become the source of military tension between nations and regions.