A Research On Monetary Integration Of East Asia Area

The successful introduction of European dollar caused great changes to international monetary system. It is one of the distinguished achievements in the 20th-century international finance, which helps to realize the regional monetary integration. International monetary system has shown the tendency to the regional integration. The tendency has demonstrated itself by North American regional cooperation and the U.S. dollarization of Latin American countries. Mundell predicts that there will be a tripartite balance of such forces as US dollar region, Euro dollar region and Asian monetary union in the next 20 years, maintaining "financial stability" in a triangle. Asian countries, especially the most vital East Asian countries should adapt themselves to the tendency. They need practice monetary coordination and cooperation and promote monetary integration. Currently international monetary system has come to form two groups, that is , American group and European group, in order to protect the interests of Asian countries in this new international financial formation and prevent them from dependence on us dollars and euro dollars, these countries must in the first place be united to strengthen their monetary cooperation and promote monetary integration, stimulating Asian economic development and confronting the challenges from international currency groups.Asian Development Bank is about to work out and announce Asian currency unit that reveals weighted mean value of Asian currency in 2006.Asian currency unit, which will combinate currency of 13 countries including ASEAN and China Japan and South...