Sea dollars a floatable idea

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