自罗伯特·蒙代尔提出最优货币区理论以来, 有关货币区的理论得到了极大的发展。根据这一理论, 东亚货币合作的必要性是显而易见的, 但在选择其目标与路径时, 必须进行系统的分析。通过对相关因素的剖析以及欧元区的比较研究后可以发现, 东亚货币合作大致上应该经历四个阶段的发展, 最终实现以"钉住固定汇率制"为基础的东亚货币合作区; 东亚货币区合理的货币锚不应是美元或欧元, 而可能是人民币或日元, 亦或是人民币与日元的某种结合。

Based on looking back to the theories related to optimum currency areas and the status quo of East Asian monetary cooperation, this paper makes a systematic and comparative analysis of the difference between East Asian and Euro areas, and most importantly, of some issues on East Asian mon-etary coopperation, including its necessity, likelihood, goal and pathway. The conclusion is that, as a currency area, the so-called 'fixed-pegged exchange rate regime' should be carried out among East Asian countries. And to achieve the very goal, the highlight is that the cooperation should necessarily go through four phases.