Deputy Prime Minister Says No Common ASEAN Currency

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Deputy Prime Minister
Deputy Prime Minister Says No Common ASEAN Currency
Deputy Prime Minister
Deputy Prime Minister Says No Common ASEAN Currency

Although hopes are high for greater economic integration within the Association of Southeast Asian Nations (ASEAN) in 2015, the region should not replicate the mistake of the European Union and adopt a single currency, the Thai Deputy Prime Minister has stated. “A common currency will require a common interest rate structure,” Pridiyathorn Devakula told the Bloomberg Asean Business Summit, a forum held in Bangkok. “It would be unrealistic to think that an interest rate structure that will fit [the] leading economies of ASEAN will be proper for other members within the association,” he said. The ASEAN Economic Community (AEC), which will come into play in late 2015, is intended to create a tariff-free single market among the 10 member nations, but a single currency is not on the table.

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