RBA's Stevens on Asian financial co-operation

In the speech 'Asian financial co-operation' given on 14 October Glenn Stevens of the RBA said it is unlikely that an Asia-wide exchange rate policy will be adopted anytime soon and consequently the prospect for monetary union in the region was quite remote.

"There have been various calls for a common exchange rate policy, usually based around targeting a common basket, though to my knowledge there is no action plan currently available," Mr Stevens said.

"One problem is that the interests of the

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