Towards monetary cooperation

Much of the discussion on East Asian integration has so far focused on trade. The East Asian Forum held in Kuala Lumpur also highlighted the need for regional financial and monetary cooperation. The launching of an Asian bond last week was a small but significant step in that direction. 

WITH global currencies like the US dollar, the euro and Japanese yen continuing to swing sharply against one another, a small but significant move was made last week to make Asian countries less dependent on the international financial markets.