New Development and Perspectives of Monetary Cooperation among East Asian Countries

The rapid development of economic globalization and regional unification in finance have posed an urgent challenge to East Asia: Given the important role East Asia plays in world economy,it is necessary for the East Asian countries to strengthen the financial cooperation and coordination within the region.Thus,these countries are faced with the possibility and a tendency of restructure of their monetary systems.Based on an analysis of the reasons for and feasibility of monetary cooperation in East Asia,the author discusses the procedures of promoting monetary cooperation in East Asia: set up an Asian funds first,establish the mechanism for interaction,and gradually move on to a unitary monetary system in East Asia.