At the ASEAN Summit in 1997, based on the direct lessons learned by Southeast Asian countries, especially ASEAN member states, from the Southeast Asian financial crisis, Malaysian Prime Minister Mahathir Mohamad first proposed the idea of ??an "Asian Dollar Area."
During the 2001 APEC meeting in Shanghai, Robert A. Mundell, the "father of the euro," expressed his views on the future changes in the world's currency structure: "There will be three major currency areas in the world, namely the euro area, the dollar area and Asia.
Currency Area (Asian Dollar Area). "In 2003, Mundell proposed the establishment of a unified currency composed of a certain group of currencies in Asia, striving to allow each country to have a currency called "
The regional currency "Asia Dollar" circulates in Asia.
This suggestion received positive response from many Asian countries.
In early 2006, the Asian Development Bank launched a currency symbol concept called the "Asia Currency Unit" (ACU).
Similar to the "European Currency Unit" before the introduction of the euro, this is not an actual currency that can be circulated and used, but a virtual currency formulated based on the weighted values ??of the currency values ??of several Asian countries, their GDP and trade scale.
The ADB will determine its exchange rates against the U.S. dollar and the euro and publish them through its website to measure the changing patterns of Asian currency exchange rates and the controllability of fluctuations; relevant countries can adjust financial and monetary policies accordingly, so that the monetary mechanism will gradually move toward the "Asian Currency Unit"
"Get closer, thus laying the foundation for the official launch of the Asian Dollar in the future.
But the plan has been delayed amid political and technical disputes over which currencies should be included in the Asian currency unit and how their weights should be allocated.
“Ten thousand years is too long, seize the day.” The outbreak of the financial crisis urged the top decision-makers in Asian countries and the world to fully face the necessity and feasibility of the Asian Monetary Union.
Relevant Asian countries should put the great cause of building the Asian dollar on the official agenda, set up a dedicated agency to take charge of the matter, and actively promote the design and construction of the Asian monetary cooperation framework.
Drawing on the experience of the development process of the euro, the prerequisite for regional monetary integration to mature is economic integration, common political will, broad cultural recognition and necessary cohesion.
Generally balanced economic development is the basic condition for the establishment of the "Asian Yuan".
Asia already has some free trade agreement networks. In places where conditions are relatively mature, each party can maintain its own currency and start with economic integration to implement regional integration in different regions and stages.
Strengthen regional economic cooperation, seek common and stable development, and adopt a relatively fixed exchange rate mechanism by establishing regional economic cooperation organizations, free trade zones, economic communities, currency cooperation alliances, and financial crisis prevention systems.
, significantly reduce internal transaction costs, narrow the gap in economic systems and development levels between countries, and create conditions for expanding the scope of cooperation across regions.
To this end, an "Asian Currency Unit" type virtual currency that is separated from political sovereignty should be launched as soon as possible. In the field of trade accounting, clearing and reserves, it should be developed from comparative observation to actual trial. Through the "Virtual Asian Dollar", "Trade Asian Dollar",
From "small Asian dollar" to "big Asian dollar", we will transition and upgrade in stages, and finally realize the single currency area in Asia.
Compared with Europe, Asia has a vast territory, numerous countries, huge differences in economic development, social systems, geopolitics, and values ??(including differences in ideologies and religious beliefs), as well as historical and profound estrangements such as territorial disputes and grievances, resulting in these preconditions.
The level of maturity is very different.
Therefore, establishing a unified Asian dollar will be an arduous, gradual, and long-term process that involves repeated consultations and adjustments by various countries; but we can start from places with relatively mature conditions.
This “place with relatively mature conditions” should first be the “13” East Asia region including China, Japan, South Korea and the Association of South-East Asian nations (ASEAN).
In 2004, the leaders of the "13" had already regarded "East Asia as a single community" as a long-term goal and a common direction of effort.
(Mongolia and North Korea are also East Asian countries and can join when appropriate.) In addition, India is located in South Asia and is not a member of APEC. However, it has become an observer of ASEAN. In recent years, it has actively participated in ASEAN negotiations, showing its willingness to join the Asian monetary integration.
China has a strong interest in globalization and may become a recent partner of the "East Asian Community".
ASEAN is an active promoter of regional integration; China has a very clear position that respects and supports ASEAN's leading role in promoting regional integration.
The diversity within ASEAN is very obvious. Religious traditions, national customs, social systems, political systems, etc. are very different, and there are often many internal contradictions. However, ASEAN seems to be particularly good at using its diverse characteristics as a positive resource. In many countries,
Political consciousness can still be formed on major issues.
These characteristics of ASEAN have very good experience and reference for the integration of East Asia.
Leaders of the 10 ASEAN countries have reached a consensus to eliminate trade barriers by 2015 to create an economic community similar to the European Union.
In 1997, Japan proposed the idea of ??establishing an Asian Monetary Fund and pledged to provide $100 billion in funding for this foundation.