International monetary arrangements: is there a monetary union in Asia's future?

The feasibility of creating a monetary union among East Asian nations, including China, Hong Kong, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand, to stabilize exchange rates, was analyzed. Although such a move may work for Europe, East Asia lacks the political and cultural characteristics needed to make such an alliance work. While European history suggests that integration and political solidarity is possible, East Asian societies are more structured by ritual, ceremony and economic networks. Any Asian integrationist effort can be best served through the creat