There is a good debate already underway as to whether regional currency baskets make sense (a debate carried on at this conference), and whether Asia seems a suitable case for a currency union.
Monetary Policy and Emerging Market Economies.” Remarks at the Roundtable Discussion in Honor of Terrence Checki: Three Decades of Crises: What Have We Learned?, Federal Reserve Bank of New York , New York City, March. BIS central bankers’ speeches  3  empirical evidence to support this hypothesis is inconclusive. Thus, the authorities should continue to watch the financial risks carefully.