Comment Paper to Chapter “Regional Monetary Cooperation in Asia”

  • Mei Kudo


Barry Eichengreen concluded in his volume of 1994 that a floating exchange rate system was more appropriate for Asia than a monetary union because insufficient preparation had been undertaken for economic integration (Eichengreen 1994). More than 10 years have passed since then, and in light of the enlargement of intra-Asian trade and the monetary crisis, the idea of monetary union or single currency in Asia appears a realistic choice for Asia. While the recent euro crisis has posed difficult questions as to the management of the regional monetary union, a crisis prevention measure via the establishment of a regional monetary union has not lost its impetus. Ogawa’s plan for an AMU is one where common currency indicators are introduced into Asia, and this will finally lead to regional integration. Although this idea is interesting and of value in the current unstable international economic situation, I wish to further explain some points that were not fully discussed.


Monetary Policy Regional Integration Monetary Union Financial Integration European Monetary System 
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Copyright information

© Springer Japan 2013

Authors and Affiliations

  1. 1.Institute of International and Cultural Studies, Tsuda CollegeTokyoJapan

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