Sea dollars a floatable idea<\/p>\n
During the present monetary crisis, several facts have come to
\nthe surface. Hopefully, the crisis has taught hard lessons to all
\nconcerned.<\/p>\n
In the era of globalization, our interdependence has been
\nestablished beyond any doubt. The heat of the \"fire\" was felt by
\nall nations irrespective of their location and size.<\/p>\n
The Malaysian government is advocating \"regional trade with
\nregional currencies,\" instead of the U.S. dollar. The concept is
\ngood.<\/p>\n
However, implementation of the scheme may not be as easy as it
\nappears. Several factors will have to be examined before the
\nconcept is transformed into reality.<\/p>\n
One such factor, which can facilitate the implementation of
\nthe scheme is to launch a \"common currency\" for the region which
\ncould be called \"Sea\" dollars.<\/p>\n
The modalities of the scheme could be worked out on a similar
\nbasis as that exercised by the European countries, which plan to
\nintroduce the Euro as their common currency.<\/p>\n
Sea dollars would certainly provide impetus for the growth of
\ntrade and tourism in the region. Furthermore, it would curb
\ncurrency speculation.<\/p>\n
ASEAN countries have shown a great degree of dynamism and
\nregistered phenomenal growth in the past decade. The region is
\nblessed with rich natural resources and has ample human resources
\nfor further development.<\/p>\n
The region could soon be back on the track of glory by
\noptimizing the use of its resources and controlling unproductive
\nexpenses.<\/p>\n
R.K. CHOPRA<\/p>\n
Jakarta<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/sea-dollars-a-floatable-idea-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }