ASEM eyes for single currency

ASEM eyes for single currency

TOKYO (AFP): Asian and European nations will set up a joint
task force to examine ways to create an economic zone in East
Asia under a euro-like single currency, according to a report
Friday.

Japan, China, South Korea, the Association of Southeast Asian
Nations (ASEAN) and the European Union (EU) will join the
grouping, the Asahi Shimbun newspaper said.

The task force, being pushed by Japan, will discuss how to
promote economic integration in Asia and aims to map out schemes
to standardize financial systems, foreign exchanges and trade,
the daily said.

It also hopes to create a regional economic zone under a
common currency, the daily said.

Finance ministers from the Asia-Europe Meeting (ASEM) will
formally announce the task force when they gather in Kobe,
western Japan, in January, the Asahi said.

The body is likely to be created by the end of next year, it
said.