The Euro is a common currency for members of the European Union. When it was implemented, there was much hype on the new currency. However, over the years, the member nations are in a state of inequality in income, welfare, employment, prices, etc. Is it really feasible to have a common currency? Should ASEAN have a common currency like the Euro?
With the integration of our stock exchanges, one might be thinking about whether a common currency is feasible in ASEAN, especially those in the upper echelon within each member country in ASEAN. (I think policy makers in Singapore are probably thinking of integrating, and they are using the European Union as a case study.)
I would go through the pros and the cons of having a common currency. Let’s start with the advantages:
A common currency creates ease of trade and investment among countries under the …