This paper provides with a proposed roadmap for strengthening financial architecture inEast Asia. We discuss the goals, driving forces and obstacles in the short and medium runand correspondingly suggest possible step...This paper provides with a proposed roadmap for strengthening financial architecture inEast Asia. We discuss the goals, driving forces and obstacles in the short and medium runand correspondingly suggest possible steps that would be taken at different stages. A long-term vision is also briefly presented. The main points we have made are as follows. (1) AnEast Asia monetary union can be an ultimate long-term objective for the region. (2) In orderto achieve this, we shall start with amending the current CMI mechanism and fostering theneed of regional local currencies in trade and financial transactions through establishingregional bond market in the short-term. (3) A regional bond market with local currenciesinvolved and a more stable exchange rate arrangement in a broader scope to emerge arelikely in the medium term.展开更多
文摘This paper provides with a proposed roadmap for strengthening financial architecture inEast Asia. We discuss the goals, driving forces and obstacles in the short and medium runand correspondingly suggest possible steps that would be taken at different stages. A long-term vision is also briefly presented. The main points we have made are as follows. (1) AnEast Asia monetary union can be an ultimate long-term objective for the region. (2) In orderto achieve this, we shall start with amending the current CMI mechanism and fostering theneed of regional local currencies in trade and financial transactions through establishingregional bond market in the short-term. (3) A regional bond market with local currenciesinvolved and a more stable exchange rate arrangement in a broader scope to emerge arelikely in the medium term.
