ABSTRACT
This chapter examines various ideas about regional monetary arrangements, focusing especially on the viewpoint of Asian scholars and policy makers, and it proposes an Asia-only intermediate exchange regime that could be called an Asian Monetary System, similarly to the European Monetary System. It reviews the achievements in the light of regional monetary arrangements, particularly the Chiang Mai Initiative, and highlights some limitations. The chapter suggests that an alternative idea that would help to overcome the existing barriers that would eventually lead to East Asian monetary integration. It also examines some considerations that must be taken into account for the successful launch of a regional monetary arrangement. Many studies that examine the economic conditions in East Asia point to the fact that East Asian countries seem to be plausible candidates for regional collective monetary arrangements as much as the members of the European Union.
