Asian common currency idea given cautious welcome

SINGAPORE - Asia's economies will have to integrate further before they start thinking about creating their own monetary union, Tharman Shanmugaratnam, the managing director of the Monetary Authority of Singapore, said on 4 June.

The necessary consensus would take time to develop because of the lack of political will across the diverse region.

"Eventually some form of co-operation will emerge as market forces bring about economic integration," he said at the International Monetary Conference i