EUROPEAN MONETARY UNIFICATION : A FEW LESSONS FOR EAST ASIA KU Leuven
© 2016 Scottish Economic Society In this paper, I analyze the experience of European monetary and financial integration to shed some light on the question of the desirability and feasibility of monetary unification in East Asia. The experience of Europe shows that trying to fix the exchange rates when capital is freely moving is unsustainable and leads to frequent speculative crises. This leads to only two options: Either a monetary union or ...