You have experienced three major crises: You were in London when sterling was forced out of the exchange rate mechanism (ERM): you were a major actor during the Asian financial crisis; and you experienced the repercussions from the global financial crisis. What did you learn about currency regimes, and has that informed your view about a common Asian currency?
Currencies must reflect underlying fundamentals over the medium term. If a country pursues either an overvalued or undervalued currency,
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