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ADB president-elect Nakao: No currency union likely for Asia

Posted on 29 April 2013

The president-elect of the Asian Development Bank, Takehiko Nakao, said a common currency isn’t desirable for Asia, drawing a clear distinction with the euro zone, to which some Asian countries have looked as a model for regional economic integration.In a press conference Friday after being elected head of the Manila-based regional development bank, former Japanese vice finance minister Nakao said Asia “is not yet at a stage to think about a currency union.”
He said he was “very skeptical” a common currency would emerge even in the future, as economic integration progresses, noting the region’s much greater internal economic, cultural and political differences than those of Europe………………………………………..Full Article: Source


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