A Zone of Asian Monetary Stability

In the wake of the East Asian currency crisis and the weakening of the yen it has become apparent that East Asia and Oceania need a zone of monetary stability - an Asian zone of monetary stability - to protect their currencies from the influence of movements of the US dollar. Up until 1997, the concept of the "Asian zone" may have been shelved as a utopian ideal. The change in the international environment no longer permits such an attitude, and demands a reversal of ways of thinking and acting. An Asian zone of monetary stability, with the yen as an anchor currency, will contribute to sustained economic growth and political stability within the region and the stabilization of the whole international monetary system. Azone of Monetary Stability provides a commentary on the political, economic, and monetary history of European integration and offers valuable guideposts for the course of Asia's monetary future.