Mon, 13 Dec 2010
From:
VIVAnews - The idea to make possible the distribution of common ASEAN currency in Southeast Asian countries will depend much on the strength of the financial sector in the countries within the region. Today's situation in Europe teaches other regions willing to put the system into effect to endure longer processes.

"Inter-governmental collaboration is indeed important to ancipating any future crisis. Common currency is still being discussed as an option," said Bank Indonesia (BI) Deputy Governor, Halim Alamsyah, said yesterday, Dec 9.

In his opinion, there are reasons to implement a common currency. European countries created the system to maintain currency stability and avoid warfare from taking place.

"The conditions in Indonesia and other ASEAN countries are different. External factors have in fact affected the region (economic crisis)," he said.

Halim therefore reminded that the common currency idea should take into account the economic foundation built in every ASEAN country. On the other hand, commercial partnership among ASEAN countries also counts.

"Take for instance commercial issues on goods and services. ASEAN countries should have in the first place reduced the contrasts in their economic growth," he said.

Several phases in economic cooperation among ASEAN countries must be set up to implement common ASEAN currency.

BI, according to him, worries that the possible situation that some of the European countries experienced prior to the common currency implementation will occur in ASEAN. Greek, Ireland, and Spain were not ready enough to apply the system. "That's why economic stability is crucial," he said.

Indonesia has been teaming up with China, Japan, and Korea in the ASEAN plus three forum. In addition, Indonesia, through BI, held a meeting with several central banks.



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