Abstract:

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.

Key words: East Asian monetary cooperation, goal decision, pathway decision