South Korea: ASEAN 10+3 Should Consider Establishing A Common Economic Zone
At a meeting in Seoul, Zai said that the recent financial crisis exposed the risk of relying on the single currency as the global reserve currency.
He said ASEAN 10+3 should consider creating a common economic zone and a common currency. But he warned that in view of the current crisis in the eurozone, a similar regional economic community should be considered more carefully beforehand.
The ASEAN 10+3 should consolidate the Chiang Mai Initiative (ASEAN 10+3 signed a multilateral currency swap agreement with a size of $120 billion), calling for the size of the mechanism to be doubled at least, giving it the role of preventing crises, and considering transforming it into a regional fund in the medium and long term, he said.
He also said,
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