ASEAN Secretary-General Rules Out ASEAN Single Currency

HOPES of a single Asean currency in the future, as the region integrates, faded yesterday as the association’s secretary general said that the grouping will not adopt a common denomination.

Le Luong Minh said that Asean had learnt from the eurozone’s own costly lesson that establishing a single common currency would be unwise for the region even though it seeks to accomplish its own economic integration.

“We have taken our own time for integration and the experience of the eurozone has not only told us what to do, but also what not to do,” Mr Le said during a luncheon organised by the European Chamber of Commerce in Singapore (EuroCham).

“For example, the issue of having a single currency for Asean (as in the eurozone), is a question put forward by many. Asean is not going to adopt this single currency (as) it will limit the Asean member states ability to carry out their own policy measures. In Asean we have very strong currencies, like the Singaporean dollar, but at the same time we also have very weak currencies.”