MANILA,
Philippines - The head of the Bangko
Sentral ng Pilipinas (BSP) said there is no need to come up with a single
currency in Southeast Asia just to pursue economic integration among the member
countries of the Association of Southeast Asian Nations (ASEAN).
BSP
Governor Amando Tetangco Jr. said in an interview that studies have showed
there is no need for a single currency just to achieve economic integration in
Southeast Asia.
The
statement was made amid talks that Greece would exit the euro zone amid the
sovereign debt crisis in Europe.
Early
this month, Asian Development Bank chief economist Changyong Rhee said
Southeast Asia would have to shelve their single currency plans for a while
until Europe is able to overcome its financial problems.
“Having
a single currency and a large union [of economies] may create problems. Let’s
see how they [Europeans] solve their problems and then let’s study whether it
is still prudent to have a single currency,” Rhee said in a press conference
earlier.
The ADB
economist pointed out that it would be unwise for ASEAN countries to begin
serious talk about having a single currency when the euro zone countries are
still struggling with serious debt and economic problems.
He
explained that it would be best for ASEAN members to focus on strengthening
their economic ties.
The
ASEAN is composed of the Philippines, Indonesia, Malaysia, Thailand, Singapore,
Brunei, Cambodia, Laos, Vietnam and Burma.
Rhee
said while the advantages of having a single currency include the easing of
inter-regional trade, its disadvantages include problems arising from the
difference in the prices of goods and services among member states.
Furthermore,
he added that having a single currency and an economic union means that a
member nation should be willing to share its resources with a poorer member.
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