The wet and windswept South Korean island of Cheju may seem an unlikely spot for anything of great moment to happen, and yet economic history may show that it was there that the first tentative steps along the road to eventual Asian monetary union were taken. Finance ministers from 13 Asian nations came together in Cheju during the Asian Development Bank annual meeting in May and decided that regional monetary union was an idea worth pursuing.
Laying the foundations
Tadao Chino, president of the
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