Sea dollars a floatable idea

During the present monetary crisis, several facts have come to the surface. Hopefully, the crisis has taught hard lessons to all concerned.

In the era of globalization, our interdependence has been established beyond any doubt. The heat of the "fire" was felt by all nations irrespective of their location and size.

The Malaysian government is advocating "regional trade with regional currencies," instead of the U.S. dollar. The concept is good.

However, implementation of the scheme may not be as easy as it appears. Several factors will have to be examined before the concept is transformed into reality.

One such factor, which can facilitate the implementation of the scheme is to launch a "common currency" for the region which could be called "Sea" dollars.

The modalities of the scheme could be worked out on a similar basis as that exercised by the European countries, which plan to introduce the Euro as their common currency.

Sea dollars would certainly provide impetus for the growth of trade and tourism in the region. Furthermore, it would curb currency speculation.

ASEAN countries have shown a great degree of dynamism and registered phenomenal growth in the past decade. The region is blessed with rich natural resources and has ample human resources for further development.

The region could soon be back on the track of glory by optimizing the use of its resources and controlling unproductive expenses.

R.K. CHOPRA

Jakarta