to a Common Currency
Essential to regional economic development is an Asian currency system aimed at controlling exchange-market volatility. A common Asian currency would eliminate exchange-rate fluctuations in the region and facilitate trade and investment.
At present, ASEAN currencies are either pegged to the dollar or to a basket of currencies in which the dollar is dominant. So it wouldn't be hard for ASEAN and China to shift to a common currency basket in the leadup to a common currency.
Click here to read further: http://www.japantimes.co.jp/cgi-bin/geted.pl5?eo20050131a1.htm
Asian governments are taking subtle steps toward a financial union that echoes the unification of Europe. True, an Asian central bank and unified currency could be more than a decade away, but financial integration is accelerating. Asian central banks are already moving to pool cash reserves in order to help bail out regional economies in times of crisis. Asian debt markets are starting to issue bonds in local currencies, rather than the dollar, while Asian stock exchanges have started to sell shares in companies from neighboring countries.
Click here to read further: http://msnbc.msn.com/id/6884664/site/newsweek/
A Positive Force in World Economy
its dynamic model of cooperation, Asia has become a positive force on
the rise in the world economy, a senior Chinese official said at the
World Economic Forum (WEF), reports Xinhua.
Click here to read further: http://www.eians.com/stories/2005/01/29/29asia.shtml#
Emerging Bay of Bengal
Bay of Bengal basin, the Indian Ocean zone most ravaged by December's
tsunami, is fast becoming a more integrated and well-defined strategic
and economic arena.
Click here to read further: http://www.atimes.com/atimes/South_Asia/GA25Df05.html
of the Asian Community Concept
Last fall the embryonic concept of an Asian community appeared to gain some momentum. Now, of course, other topics, mainly the tragedy of the Dec. 26 tsunamis, have monopolized public attention, but the vision of a broader Asian community deserves further discussion.
Since the Asian community concept appears to have roots in the past, and as such is not a new initiative, I would like to offer a small historical insight that may not be known to everyone interested in this issue.
Click here to read further: http://www.japantimes.co.jp/cgi-bin/geted.pl5?eo20050124a1.htm
Vision for Asia
A "Revolution of rising expectations" or, simply, the idea of win-win inter-state cooperation is sweeping across much of East Asia as the region looks for a new architecture of "shared prosperity" for the countries concerned.
The vision is based on the recognition by the Association of South East Asian Nations (ASEAN), at its summit with China, Japan and South Korea in Vientiane on November 29, that "the establishment of an East Asian Community is a long-term objective". The leaders of these countries "reaffirmed the role of [the] ASEAN+3 process as the main vehicle for the eventual establishment of an East Asian Community". The ASEAN+3 forum consists of all 10 member-states of the ASEAN, and China, Japan and South Korea.
India's new initiative for the formation of a wider "Asian Economic Community", in the fullness of time for obvious reasons, acquires importance against such a background. Surprisingly, the ASEAN Chairman's statement, issued at the conclusion of its third summit with India in Vientiane on November 30, was silent on Prime Minister Manmohan Singh's proposal for an "Asian Economic Community".
Click here to read further: http://www.hinduonnet.com/thehindu/thscrip/print.pl?file=20050114000406000.htm&date=fl2201/&prd=fline&