Countries in Asia are urged to consider the use of a common currency as a regional-scale accelerated economic integration in the region.
IDE is similar to what the European Union when they enforce the euro in mid 2002.Tujuannya is the continent’s economy is more solid yellow and supports the global post-crisis recovery process. This idea was conveyed former Minister of Finance and the Japan International Cooperation Eisuke Sakakibara at a forum in Singapore yesterday.
According to him, the implementation of a common currency may have no more hot issues discussed, but it’s possible to rethink the idea. Only, he said, the talks will take several decades due to common perceptions among countries in Asia. “But it might be time to think about how Asia’s economic integration is gradually approaching the European level,” Sakakibara said in Singapore yesterday. According to Sakakibara, this idea triggered a global economic slowdown due to the worst financial crisis since more than 70 years ago it was.
Moreover, he said, many analysts who said that Asia will lead the growth in the recovery period. In addition, countries are key to Asia’s growth was also considered to reduce trade barriers and offer business network procedures better. One example, he said, is the agreement between the countries in Southeast Asia (ASEAN) with China which began January 1 lalu.Kerja as it makes an open market for 1.7 billion people in the region.
Sakakibara is currently a professor at a university in Tokyo also stated that the use of policy references a common currency that will use its own version, as opposed to the concept of the International Monetary Fund (IMF). Given the scale of potential economic growth in Asia, Sakikabara suggested that such a reserve fund established with funds to strengthen the event of a crisis. This proposal is based on the trends that occurred recently, where the governments of the countries in Asia as a backup compact closed devisanya ratarata about $ 5 billion.
“Imagine if we use only 5% of the total funds that will be collected at least approximately USD250 billion, enough to form a common fund,” said Sakakibara. According to him, now it’s time to start and trying to coordinate exchange rate policy and monetary policy uniformity. However, the plan will not be easily assessed since there is a possibility does not like the United States (U.S.) for fear of discouraging that in fact the influence of the IMF diboncengi Western interests. Other countries also are designing the formation of currency is the Middle East region.
Rich countries that the oil was even further by the fact the union agreed to the establishment of Arab currencies in December. Countries that joined in the deal include Bahrain, Kuwait, Qatar, and these same Arab Saudi.Kerja incorporated in the Country Cooperation of the Gulf (GCC) and will form a special central bank issued the Bay and soon a special currency.
