JAKARTA, Oct. 31 (Xinhua) — The ASEAN common currency issue is too premature for the region as it has to deal with more important issues and has to learn from European Union, experts said here on Monday.
“For ASEAN, although it is an intriguing idea, I think common currency is a premature one. There is a great risk to go along with the idea,” said Jon D. Mills, manager of Harvard University of Asia Center.
He said that ASEAN should learn from the European Union before implementing such a regime.
“We still have more important issues here than common currency, ” said Mills.
Djauhari Oratmangun, director general for ASEAN Cooperation at the Indonesian Foreign Ministry, said that ASEAN thinks that the issue is not a prioritized one.
“We must learn from European experience before we enter to the issue,” he said.
Bagus Santoso, lecturer at Department of Economics at the University of Gajah Mada in Yogyakarta province, said that the idea is a possible one but could not be implemented in a short term.
“We should move step-by-step. It is different with the EU that puts the policy in the first place. ASEAN puts it in the last one. It is important that if the regime was implemented some day, we could run it smoother than the EU,” he said Santoso.
Fukunari Kimura, chief economist at the Economic Research Institute for ASEAN and East Asia that ASEAN needs time to adopt the policy, considering the whole macro economy within member states.
“We must study the advantages and disadvantages,” he said.
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