Buy custom The Parallel Currency Approach To Asian Monetary Integration
Essay's paper info
| Topic: |
Social Issues
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| Number of pages / Number of words: |
12 / 3258 |
Essay's paper body
Only when a
critical mass of producers, exporters and investors had adopted the parallel currency
would it be clear that Asian economies were ready for monetary unification.
1. Lessons from Europe
This approach resembles another European precedent: efforts starting in the 1970s
to use the European Currency Unit, or ECU, as a steppingstone to monetary unification...
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It was adopted in 1975 as the unit of
account for the European Development Fund and then for the European Investment Bank
and the EC budget. With the establishment of the European Monetary System (EMS) in
1979, participating countries were supposed to stabilize their exchange rates against the
ECU basket...
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