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.