Do you believe adopting a shared currency would be a beneficial step for the region's economic future, or do you see potential drawbacks that outweigh the advantages? Let us know down below!
because they are just the tail of the country that colonized them. forever until the end of time, the strange thing is they don't realize that it's only the tail.🤣🤣🤣
The least developed economies would suffer the most when the common currency appreciated more than their ability to produce goods and service at the competitive prices.
I think Singapore PM Lee said it is not likely to happen, the economy progress of the different nations is too far apart unlike Europe. the current system that Singapore uses allows flexibility to control the exchange rate.
It is not only the difference in economic progress. In fact, SG ranks in the middle below Indonesia and Thailand. It is the quality of people, education, and politicians that SG is at the forefront. The rest are very corrupt and mafia-like governments. SG is a China Capitalist Autroritarian.
Imagine Singapore losing a bunch of Malaysian workers when Malaysians see the currency is the same.But yeah it would collapse a lot of stuff so even as a Malaysian,I'd still think it's a horrible idea
the disadvatage outweight the advantage singapore is an advance economy while thailand malaysia is more of a developing nation while countries like laos or myanmar are more underdevelop the sprectrum of economic advancement is quite high but there are things that can be shared such as military treaty free market on a indivisual base each military and economic market is small and carry very few weigh in the global market but as a asean group there quite the fomidable force.
No, it definitely can't be implemented for the following reasons: 1. Cambodia is under political and economic influence/control by China. 2. The political instability in Myanmar (Burma). 3. The region consists of too many different types of governments such as feudal, socialist, and capitalist, ... 4. No country in ASEAN has the same level of development. 5. No country in ASEAN has the same economic structure. 6. The region has high levels of differences in cultural, linguistic, and religious diversity. 7. Countries in the ASEAN are dependent on opposing superpower countries. ...
What the hell? How can you say the economy of Cambodia depends on China while the amount of Chinese investment in Cambodia is too small compared to Chinese investment in Vietnam or Thailand?
@@daya4703 Here's the thing, buddy. In Cambodia case, it's not "investment" as in bringing in goods to sell in the country, but *an economic take over!* Cities and infrastructure built and owned by Chinese increase exponentially and a lots of local native are being driven out from their home in order to clear the way for Chinese company building on their land. Sihanoukville is the prime example. 90% of the local had been move to another province in order to allow China to build their city.
@@Heylanda-fb9xb Most investment projects of China to every country are building infrastructures, Everyone knows it clearly. But why are you only talking in Cambodia? In Thailand or Vietnam, there are so many infrastructure projects from China, why don't you talk about it? So, the problem isn't about how Chinese investment projects are but it's about your negative thoughts to other countries.
No. Countries are too varied in development stages. Only Singapore and Brunei have currency agreements. If it were to expand, it should be to South Korea and Japan first, which are already approaching parity.
I don't think it will happen. Singapore as the most prosperous one will reject the idea, similar how UK kept its Poundsterling. Myanmar is a wild card similar to how Greece in EU. The original member of ASEAN (Indonesia, Thailand, Philiphines, Malaysia, and Singapore) will hold a lot of power and I don't think rest of the members will take it easily.
@@christopher6227The first thing we need to learn is to have 'pride' with our nationalities and our race. *(Eradicate colonial mentality and cultural cringe.)*
@@aforadorable6006 it easy to be proud of your nationality if your country is rich, how can proud your nationality if you are poor? Are you proud to be a poor?
@@christopher6227 Wisdom: *Be proud to those poor people who elevate their status and start to emulate them. 'Begin' with 'yourself' first and others will follow. And soon the nation will prosper.* (Search for the economic miracle of South Korea from being poor to highly developed country.)
Euro is the reason a common BRICS and ACU currency is dead-on-arrival. Ultimately, the more prosperous nation will have to subside the poorer ones. In exchange, the poorer nations have to cede control of their public policies, which obviously benefits the rich nation. They effectively function as one nation with more inefficiencies and the votes in poorer places don't count towards policy making. The rich nations don't get to spend their money efficiently, and the poor lose autonomy. In the end, no one is happy but they are stuck because leaving is even more costly.
When comparing to the EU and the Euro, you have to keep in mind that comparatively Euro countries have economies that are only moderately wealthier and less advanced than each other. Yes Germany is richer than Slovakia, but its not fundamentally a different economy. In ASEAN, you literally have economies at different historic stages of development. You have countries like high end Singapore, which is a post industrial first world developed country and then you have rapidly developing countries like Thailand and Vietnam, and then you have literal preindustrial 3rd world countries like Myanmar and Laos, one of which is in the middle of a civil war. So this would make the EURO and EU transition look like a cakewalk.
@@PapaOsmubal.OscarBalajadia You are probably a fellow Filipino with the victim mindset, I know that we are not a rich nation. But to call us the poorest country in the world is both ignorant and disrespectful to countries poorer than us.
Its not the issue of bailing or helping. SEA countries are relatively helpful to each other compared to other regions. Its about control of the value of currency to suit the national strategy. Some countries may want to depreciate, some do not. A single currency will cause countries to lose countrol. For example Singapore and Brunie want to keep their currency within a certain range while Malaysia has been depreicating against the 2 nations. So neither side will be happy with this arrangement.
ASEAN does not represent my country’s geographical and geological conditions. It should have been renamed as ASEAWON. ASEAWON stands for _Association of Southeast Asian & West Oceanian Nations._
Hahaha.... that's a good comment but it's BS.... All ASEAN countries are competing with each other because that's the way to do business.... Adding....I have been living in ASEAN since 1989....
@@klausschumacher7126 It is a *healthy competition.* Healthy competition in ASEAN countries fosters innovation, drives economic growth, and encourages efficient resource allocation among member states.
What planet are you live in? ASEAN is not something that people in the location share a commonality… In fact, the existence of the association is based on differences to exist! We, Vietnamese, don’t give a rat arse about ASEAN…whatever our government involvement is none of our business. A dead Filipino or Indonesian is none of OUR business…just like how you, guys, were standing on the sideline when we got invaded by your USA master during the Vietnam War… Don’t think there is a unity, there isn’t and will never be!
If you have been into group projects in a school, you would know that there will be a few member who did no contribution but yet they pass together. It will be the same case.
Mark my word : "The function of ASEAN is to focus on the economy not to become a battlefield between superpower countries like Ukraine." Salam dari ❤ 🇮🇩
ASEAN's initial move is to adopt their respective currencies as a means of payments amongst ASEAN members, thereby reducing the negative impact of the USD, as well as freeing up much of their national reserves held in the USD for more productive use. More importantly, it will enhance ASEAN members' common interests and shared values with more trading activities and circulating of financial transactions in the long term.
@@ct9245 Most ASEAN nations pegged their currencies to a basket of international currency reserves, plus a certain amount of GOLDm for good measures. In the near future, the USD would be reduced to "International currency, amongst others".
I think it should start with countries of high economic growth blazing three Indonesia Philippines Vietnam. Then comes the stable ones Singapore Malaysia Brunei Thailand. The wild cards Cambodia Laos Myanmar can butt in when the currency is already very very big and stable.
Difficult if there is an asean currency. The economy of each country is different, some are very advanced and some are backward. Developed countries will bear underdeveloped countries. Better to use Local Currancy Settlement (LCS). This means that each currency can be used for export and import transactions within ASEAN.
Before the Euro each of the countries had different economies but they slowly worked that out and so can ASEAN countries it would just take time. As for being backwards lots of countries in the EU were backwards before joining the EU but were uplifted after joining the EU. When joining an organization there will always be those on top of the organizations and those on the bottom.
@@blackwingz55your idea is Bullshits. 1st Indochina Countrys & Myanmar , Brunei , Thailand & Singapore are Authoritarian States are there any EU Countries that are Truly Authoritarian there almost none . 2nd Rich & Middle ASEAN Country will Heavily Affected or drag down by poorer ASEAN Country which is vastly outnumber the Rich & Middle ASEAN Country. 3rdly each ASEAN Country have different Economic System many are on State Capitalism or Socialist System which will never applicable for a Regional Common Currency only few are on Free for all Capitalism how can a Common Currency work in ASEAN if each members have different Economic System in EU it works because they have a Common Economic System. 4rthly each ASEAN Country have Border or Territorial Disputes among each others. Thailand-Myanmar Border Disputes, Thailand-Malaysia Border Disputes , Thailand -Cambodia Border Disputes , Cambodia-Vietnam Border Disputes , Malaysia-Singapore Territorial Disputes, Malaysia-Indonesia Territorial Disputes , Malaysia-Philippines Territorial Disputes and Biggest of all Disputes in ASEAN : The South China Sea Dispute China & Taiwan against almost everbody else in ASEAN in Europe its almost theres none of Border or Territorial Disputes if theres it always ended in Peaceful Negotiation but in ASEAN it always ended in Violence Thailand-Myanmar Border Shooting incident or Thailand -Cambodia Border Shooting incident or straight-up War Vietnam invaded Cambodia because of Cambodian incursion inside Vietnam Territory & Malaysia -Indonesia Konfrontasi over Sarawak So How the Hell the Common Currency Work in ASEAN if theres already NO Unity in Economic , Political & Diplomatic Matters in each ASEAN Countries hhmmm..
@@blackwingz55 It depends. As of now it is best to not do that. It's easier for Europe since most countries were equally rebuilding after WWII. There is a sort of solidarity there. It may work with ASEAN countries if they did the same thing in the 60s. Right now it is too late and too early.
For Cambodia case everyone can criticize of it BUT We allow China to operation most of project because they are cheap and quality . For example: China study one expressways that cost only 1.2 billion while Japan study the same project but cost 4 billion . China allow to us BOT ( build operation system) so we easy secure our nation money . That deal is more advantage than share the percentage of project which is one of the reason that Laos face economic problems nowadays
I think south east asian DOESN'T need to apply this new one currency strategy for now or maybe in the future BECAUSE every country for now is in developing stage of economy and mostly asian countries are on the exporting business than importing so in terms of basic needs,asian countries already have the resources like oil and gas reserves and food supplies,development is on its way by way of industrialization,exploration and modernization is the key for third world countries like south east asian,..😊😊😊my vision of future south east asian is very green and clear,..
Thailand has international reserves. And the 12th international gold reserve in the world is going to have its own CBDC by the end of 2023. Our country definitely won't share a currency with any other country. There are a lot of gaps in ASEAN countries.
I dont think its good idea atleast for now. Say if the currency is strong then it will make it difficult for smaller countries like Laos, Myanmar, and Cambodia to develop their economy but if the currency is too weak it will hurt singapore.
Republic of Serbia wanted to joint ASEAN, so there's something wrong with EU and BRICS. ASEAN are working fine without one currency system, don't fix something that isn't broken. 😊
Although I agree that one currency system will not work at this time. But every time I read "don't fix...isn't broken" is so so 3rd world mentality, it closes the door for improvement. It's against the concept of creative destruction that drives innovations and transformations.
There is no promblem in different currency the most important is a Very Strong alliance of ASEAN it means everything anything that help our member having different currency is to value honor our own CULTURE.
Following the European Union experience, adopting a common currency isn't enough without adopting freedom of movement of goods, services, labor, and capital within the ASEAN and good luck convincing all ASEAN member-states to adopt all of these aforementioned freedoms to make common currency proposal sustainable.
Wouldnt be possible now as the richer countries wont be so keen to the idea. Also, the wealth inequality is so high among asean making it unfair to certain countries.
I am always smiling when I watch videos about the collapse of the Euro.... Living in ASEAN since 1989 I am always happy when I see the exchange rate of the Euro. Now retired in the Philippines the rate of yesterday was 61.30 PHP to 1.00 €....I enjoy very much living with this so called collapsing currency when I change my pension from Euro tho PHP every month. 😅😂
Valid point and on the ECB website € to PHP used to be €1 = 70 php in 2005 now about 60 PHP as of 2023. That currency used to be pegged to USD at 2 php to $1 until the devaluation from 1960s-present which went from 10-59 php
As a Viet, I say NO to the ACU. Millions of Viets have fought and gave our lives so we can be free and independent and now, we are signing it all away?!?!? NEVER! Collaboration among fellow Asian nations, YES, but surrender of our sovereignty and freedom to anyone, ABSOLUTELY NO!
@@luongo7886 adapting a single currency unit doesnt fade your nation into non-existent away from earth. currency have nothing to do with a nation, for example in euro its just a single currency unit for some european nations, because some of them prefer and some of them doesnt, but not because its culturally different but to avoid any potential drawbacks from adapting the currency unit, like for example greece.
If they adopt the same currency how can they control interest rates within their countries boarders? What is wrong with having different currencies like it is now? I currently have a Canadian and an American bank account so I can buy, spend, and use whatever currency I need regardless of country.
As a Vietnamese, I don't think there will ever be a common currency. ASEAN countries have too many differences for us to unite as a single political body, using a single currency. I can say that European people consist of mostly the same race and the same religion but that's not the case in South East Asia. If I'm in charge, I'd always support the idea of having a single currency with free-border movement though.
Common currency is not approved by Asean Parliament ( in Jarkata / Indonesia ) , hence not in the agreed signed road map of Asean / AEC ( Asean Economic Community ). Period.
It's possible by starting in small amounts of say USD10bil first and for trading in specified essential goods and/or services only. Then, evaluate and determine the next move. One step at a time.
instead of adopting a common currency, a local currency settlement system can or should achieve the same goal to "increase trade and unity". without compromising each other purchasing power.
I have seen many similar RUclips channels respectively pushing some idea that ASEAN is some Union or even should have a common currency. And it's a flawed assumption and no point of introduction more problems into the current system in the name of 'fixing it'. The first FACT is: ASEAN is like the UN. It's foundation is based on Mitigating Conflicts among it's members and its neighbors. The next rule is that no member should intervene/interfere with each other's home issue - It is a rule understood as ASEAN do not believe that one state should have more power to control/influence/dictate another member could do. Historically, SEA countries had been fighting each other in centuries for supremacy way before the British, the Dutch or the French arrived and those SEA kingdoms had been making other states to be their vassals. It make sense to have the rule of not to intervene/interfere as no member can be a dictator or the power of a dictator. Economic prospect was later brought into the conversation as member states also grew. To propose an idea of a one-currency system, the first problem is: which Country should dictate the currency? Let's take an example before European countries become a Union: Italy was originally the 'China' of Europe. The Italians cheapened their currency in order to export their cheap products: In return, Italians continue to get employed and manufacture goods. After the EU is formed with the Italians, the Italians can no longer use the same method export their products and their products become more expensive to compete and manufacturing eventually slimed down, which indirectly create Europe's dependent to cheap China products. The same issue is also found in ASEAN states: There are ASEAN states, who depend on weak currency for export purpose and to create jobs. Not all countries can be a financial hub. Even if one takes the EU as an example, most people can still see that mainly Germany and France holds majority of the influence in EU and the EU parliament members are selected members rather than elected members. The current ASEAN system works fine for every member. It may have it's own weakness, but that weakness is also to avoid any member to become a dictating power or the ruling country over other members.
I think it is possible only if each ASEAN country can supply one another-- if the flow of money is within the region, and lesser imports from 'outside' countries. That's one and there's so many factors that are stopping this common currency from happening.
Every member already has its own established currency in the market fluctuated accordingly to each economic and trading account, it is not necessary to adopt a single currency for this region to complicate commercial activity, every import and export among members had transacted with ease in the past and would continue into the future without any changes to the present system. 🤫
It's not possible because there's the treats of economic sanctions,BRICS, already exist,but if there're complete and comprehensive technical studies and the members unanimously voted for One Currency
Only professional have received Asean certification can practice within the Asean area. Poor people have to be control , else they will flooded the developed cities in Asean 200 years later when Asean people are all rich enough and strong middle class established
Individual country can no longer manipulate their own currency. Therefore, smaller economies can no longer compete with the bigger economies. For example, Cambodia can still control the value of their money to compete with other countries so that it will be cheaper to invest in their country. If they create single currency smaller countries will be left behind.
Gold dinar equals 4.25 gram gold equals 1 goat while 1 silver dirham equals 3 grams silver equals 1 chicken..Perhaps we could also peg the ASEAN currency with rice, corn and millet (sekoi in malay)...thanks ..
If you want to destroy country or countries in the region is to make 1 currency in the region. The same problem that happen to Europe will happen too. Heres an example. A slow country like Philippines will be equal to japan, south korea, etc. Its not a dumb idea. Its the best tool to destroy country or countries in the region
if its just maphilindo with singapore and vietnam sure but not asean.... the gdp gap of indonesia compared to e.i. brunei will be a burden... maphilindo is all in the top 4 of the asean so its would be logical to make single currency for the 3 countries
If I were to adapt this situation to computer storages, it's like the "pros" and "cons" of a RAID configuration regarding the potential risks on data across the servers
Singapore would not allow that. all its cheap labor from Malaysia will just go back and develop their own nation. Singapore will loose the competitive advantage.
Adapting a single currency unit for ASEAN nations would have some potential drawbacks. Countries like Laos, Cambodia and Myanmar would heavily rely on sustaining nation like Malaysia, Thailand and Vietnam (Nations that could sustain the currency), thus leading to the sustaining nations funding them. It's like a Greece situation but probably worse, since Myanmar is suffering from coups, civil war and economic downturn followed by both Cambodia and Laos heavily dependent on China, for example construction of dams and most of their infrastructure. Even the low-income EU nations suffering from EURO, hence why UK left the EU to keep its Pound Sterling Currency. Greece is now a hell, economically and now in heavy debt. Nothing could save them. Sooo uhh, better use Local Currency Unit since its better. But a single currency in ASEAN could have potential for a good startup and encouraged internal-trades and transportation between ASEAN nations. Sooooo, idk which one is better.
this idea comes from people who never lived in ASEAN and mostly didn't understand the nature of relationship between ASEAN countries. Market and the economic situation on each nation members are different because of the politics, demographics, cultural, and even the climate. Malaysia and Indonesia are predominantly Muslim countries that didn't consume much pork, so the demand is expected to be lower than the Philippines, Vietnam and Thailand, Vietnam consumed more wheat because they ate a lot of bread thanks to French, winter is harsh on the northern side of Vietnam that they might have a peak season of winter coat demands, while Indonesia live in the equator that never a stable climate and the clothes are pretty much have a similar style all year round, not to mention the Monarch government in Thai, federal nations of Malaysia, Democracy in Indonesia and Philippines. as Indonesian myself, it is a miracle that balkanization not happen in Indonesia, as of now ASEAN are happy with ASEAN as a group that respect each member sovereignty and always offer to have a mutually beneficial agreement, be it in a trade or any political ones, the drawbacks are listed here: conflict resolutions like in Myanmar is nearly impossible to resolved quickly thus making any internal conflict within one member is often left unchecked by the other members, the competition is very strict that often people from the lower tier of development move the higher one like from Indonesia and Philippines working as helpers in Singapore. But despite the drawbacks we managed to live each day better than yesterday, and here's the funny things, having a shared currency is one thing but having one central finance authority is much worse, as the fiscal & monetary policies will affecting the whole members that hold the said currency, those fiscal & monetary policies is defined by the executive, legislative or the central bank of each member (this action is usually defines the fate of a country facing a crisis) if the purpose having one shared currency, some ASEAN country propose to have a direct conversion in most of the digital transaction that use the QR code in the region to eliminate the dependency of dollars and that is enough as of now. I personally think that ASEAN needs to increase their investment in the region to push the standard of living of the smaller economy, maybe have an easier process and protect the investment from other members in the country, having a security task force for defense purpose to avoid conflict of superpowers in the region like the conflict of China vs India, US vs China, China vs Taiwan, South China Sea dispute, this task force could even intervene in Myanmar's conflict
It's a No for me. Its a disadvantage. Asean countries have staggering differences, Also The Philippines is more close with the western Market while trading with east asian like china and japan. The Problem of corruption is also a risk, we all know in Asean that corruption has become a meme to us because we just accept it as a norm. We may look the same but the cultures are way different. from the Buddhist parts like Thailand and Myanmar, a full Catholic like the Philippines then flip 180 degrees muslims of Indonesia. A single currency cannot support the needs of member countries.
Talking like Indonesia is the first class countries lol even though Cambodia has low overall GDP we have a better living standard, higher GDP growth rate btw this is our 24 years of development since 1999 civil war . And there are tons of Indonesian worker here as well .
@@KdamSamout lmao, your backwater country's GDP rate is higher only because you have less people to take care of, and your country doesn't even have public healthcare system. Also saying that a lot of Indonesian workers are in Cambodia doesn't mean your country has better working condition, a lot of Indonesian workers are also working in Singapore, Taiwan, and Hong Kong. Your human rights and democratic integrity are questionable at best. And Cambodia having better living standard? From what source are you even saying this? The communist propaganda news reels?
@@Asrimuhd well, comparing Singapore to Indonesia is not as bad as saying that Cambodia is better than Indonesia. Besides, everyone, including me, do agree that Singapore is the best country in Southeast Asia
In my opinion. No for me. Due to the diverse difference and culture of each country. Should South east Asian be united in one country. Also No. Vietnam: (銅) ₫ or informally đ, Sinosphere Country Singapore: (SGD)$ very westernised country Brunei: (BND)$ From strait dollar Indonesian: (Rupiah)Rp relates to Rupee ₹(India) Malaysia: (MYR)RM Historical term from Spanish Silver coins. Others have complex history through Political and colonialism.
Singapore needs the exchange rate to control their inflation vs other countries e.g that uses interest rate. So this not gonna happen , at least until MAS wants to.. i think there was a currency agreement between SG, Brunei and MY previously that made all their currency equal. Did not work for a big and less rich country like malaysia.
They should have their own group currency in order to get rid of the exploitation by the hegemonic empire. What is the cost of printing the hegemonic one $100 note? 2 cents? What is the net profit? 98 cents or 4900% profit.
The living and economy standards are so different plus there are huge gaps among us. I say no right now, in the future maybe when everyone is at the same level
How about creating an asean work visa? Similar to schengen visa? There are too many economist and experts in asia. They can find a way to make an asean working visa. It will be a good return for all asean countries where flow of smart asians working easily around asia.
Instead of adopting a single currency, why dont they just lower or even eliminating fx fees? Arguably this will still do the same thing like stimulate exports and barriers while maintaining individual monetary policy.
Perhaps a single currency will make it much harder for international weapons dealers to sell pain and misery causing equipment, wonder how many million packets of instant noodles and canned sardines can be bought if we ASEANS all substantially reduced weapons system purchases..
This video while making a good point, only views ASEAN from a surface level. I am from an ASEAN country and this is my perspective, an united currency system like the Euro is still far from possible for ASEAN. Firstly, most ASEAN countries are still developing economies, with only Singapore having achieved developed economy status. This means Singapore will have to do a lot of heavy lifting to support the others. Second, corruption is rampant in developing economies like Malaysia and Indonesia, this alone means ASEAN can't really trust each other when it comes to setting monetary policies, will it actually benefit the ASEAN collective or only the corrupt elite? Third, EU has had a long history of wars, revolutions, and democratic reforms for centuries. It has more or less politically stable. Here, recently you have Myanmar enacting a military coup and imprisoning its democratic gov; Thailand refusing to form a gov with the new elected prime minister due to his anti-monarchist policies; and many more. A lot of ASEAN is still politically unstable and relies too much on military might governments rather than democratically elected leaders. So yeah, I am definetely not seeing this ASEAN common currency in my lifetime
Philippines Procures Two More LPD From Indonesia’s PT PAL Indonesian shipbuilder PT PAL signed a contract with the Philippine Department of Defence on June 24, 2022, to build two Landing Platform Dock (LPD) for the Philippine Navy. The signing ceremony took place in Manila at the Philippine Department of National Defense with representatives of the State-owned shipbuilder. PT PAL Indonesia is exporting its Landing Platform Dock (LPD) to the Philippines for the second time: The Philippine Navy is already operating two Tarlac-class ships. Tarlac (LD-601) was commissioned in June 2016 and Davao del Sur (LD-602) was commissioned in May 2017). “We, the management of PT PAL Indonesia, are proud to be able to contribute to national defense in ASEAN. At the same time, we appreciate the trust of the Philippine government, which has chosen PAL for the second time as a defense equipment provider for the maritime domain. PT PAL’s defense procurement capabilities and capacities are now increasingly entrusted to the global market. This is inextricably linked to the role of the Indonesian government, which has placed its trust and support in PT PAL. PT PAL is one step in Defend ID ‘s journey to become one of the world’s 50 largest defense companies.” Willgo Zainar, CMO of PT PAL Indonesia The ship will be built at the PT PAL shipyard in Surabaya. They will be 123 meters long with a standard displacement of 7,200 tons, and have a cruising endurance of 30 days. According to PT PAL, the design will feature some alterations compared to the in-service Tarlac-class ships. The LPD will be capable to sail up in waters up to sea state 6, as well as operating ship facilities at sea state 4. Source : navalnews
Do you believe adopting a shared currency would be a beneficial step for the region's economic future, or do you see potential drawbacks that outweigh the advantages? Let us know down below!
Even nasi lemak everyone claim it theirs
because they are just the tail of the country that colonized them.
forever until the end of time, the strange thing is they don't realize that it's only the tail.🤣🤣🤣
It would be gamechanging!For what are they waiting?
The least developed economies would suffer the most when the common currency appreciated more than their ability to produce goods and service at the competitive prices.
Region still Unstabilized more specially in Myanmar
I think Singapore PM Lee said it is not likely to happen, the economy progress of the different nations is too far apart unlike Europe.
the current system that Singapore uses allows flexibility to control the exchange rate.
It is not only the difference in economic progress. In fact, SG ranks in the middle below Indonesia and Thailand. It is the quality of people, education, and politicians that SG is at the forefront. The rest are very corrupt and mafia-like governments. SG is a China Capitalist Autroritarian.
That's because it's disadvantageous to Singapore as they will lose foreign investments.
Imagine Singapore losing a bunch of Malaysian workers when Malaysians see the currency is the same.But yeah it would collapse a lot of stuff so even as a Malaysian,I'd still think it's a horrible idea
the disadvatage outweight the advantage singapore is an advance economy while thailand malaysia is more of a developing nation while countries like laos or myanmar are more underdevelop the sprectrum of economic advancement is quite high but there are things that can be shared such as military treaty free market on a indivisual base each military and economic market is small and carry very few weigh in the global market but as a asean group there quite the fomidable force.
Not until Malaysia can get rid of our backward politicians ... It's really frustrating
No, it definitely can't be implemented for the following reasons:
1. Cambodia is under political and economic influence/control by China.
2. The political instability in Myanmar (Burma).
3. The region consists of too many different types of governments such as feudal, socialist, and capitalist, ...
4. No country in ASEAN has the same level of development.
5. No country in ASEAN has the same economic structure.
6. The region has high levels of differences in cultural, linguistic, and religious diversity.
7. Countries in the ASEAN are dependent on opposing superpower countries.
...
@@Western_DeclineASEAN doesn't eat BATS AND MONKEYS AND DOGS SO NO
@@Western_DeclineAs a Viet, I don’t want a ASEAN currency myself.. I don’t care about ASEAN, and what the F ut stands for…
What the hell? How can you say the economy of Cambodia depends on China while the amount of Chinese investment in Cambodia is too small compared to Chinese investment in Vietnam or Thailand?
@@daya4703 Here's the thing, buddy.
In Cambodia case, it's not "investment" as in bringing in goods to sell in the country, but *an economic take over!*
Cities and infrastructure built and owned by Chinese increase exponentially and a lots of local native are being driven out from their home in order to clear the way for Chinese company building on their land.
Sihanoukville is the prime example. 90% of the local had been move to another province in order to allow China to build their city.
@@Heylanda-fb9xb Most investment projects of China to every country are building infrastructures, Everyone knows it clearly. But why are you only talking in Cambodia? In Thailand or Vietnam, there are so many infrastructure projects from China, why don't you talk about it? So, the problem isn't about how Chinese investment projects are but it's about your negative thoughts to other countries.
singapore & brunei have a currency interchangeability agreement since 1967… i’m surprised you didnt even mention that in the video.
Malaysia was also in that agreement, but we withdrew. I dont know why, but the situation would be so different if it didn't happen.
east timor is literally using US dollar.
@@irwanibrahim96both cannt reach agreement about which side should control forex reserve. At last cannot agree then Msia pull out.
No. Countries are too varied in development stages. Only Singapore and Brunei have currency agreements. If it were to expand, it should be to South Korea and Japan first, which are already approaching parity.
I don't think sk and Japan would join
They have their own currency and stuff
Here talking is Asean ( south east asia ) not Asia nor East Asia
@@cocaineminor4420 japan and South Korea are currently under a swap agreement. They can expand to Singapore when the current term expires.
@@ct9245 ASEAN needs the support of its developed neighbours. No point looking inwards.
@@goldenspoon87 I also do not think the sg government wants it
Especially when they are using $ and have a high currency.
I don't think it will happen.
Singapore as the most prosperous one will reject the idea, similar how UK kept its Poundsterling.
Myanmar is a wild card similar to how Greece in EU.
The original member of ASEAN (Indonesia, Thailand, Philiphines, Malaysia, and Singapore) will hold a lot of power and I don't think rest of the members will take it easily.
It will happen to help asean country. We need to unite asean against the bully westernian.
@@christopher6227The first thing we need to learn is to have 'pride' with our nationalities and our race. *(Eradicate colonial mentality and cultural cringe.)*
@@aforadorable6006 it easy to be proud of your nationality if your country is rich, how can proud your nationality if you are poor? Are you proud to be a poor?
@@christopher6227 Wisdom: *Be proud to those poor people who elevate their status and start to emulate them. 'Begin' with 'yourself' first and others will follow. And soon the nation will prosper.*
(Search for the economic miracle of South Korea from being poor to highly developed country.)
@@aforadorable6006 that is why you need to elevate your status and be proud. How can you be proud if your poor and still a poor.
Euro is the reason a common BRICS and ACU currency is dead-on-arrival. Ultimately, the more prosperous nation will have to subside the poorer ones. In exchange, the poorer nations have to cede control of their public policies, which obviously benefits the rich nation. They effectively function as one nation with more inefficiencies and the votes in poorer places don't count towards policy making. The rich nations don't get to spend their money efficiently, and the poor lose autonomy. In the end, no one is happy but they are stuck because leaving is even more costly.
The US has also weaker states,not every state is California or Texas!Ur arguments are useless!
🤦♂
That's not how the EU works.
Actually it does work like that. @@yoannbelleville7763
?
When comparing to the EU and the Euro, you have to keep in mind that comparatively Euro countries have economies that are only moderately wealthier and less advanced than each other. Yes Germany is richer than Slovakia, but its not fundamentally a different economy. In ASEAN, you literally have economies at different historic stages of development. You have countries like high end Singapore, which is a post industrial first world developed country and then you have rapidly developing countries like Thailand and Vietnam, and then you have literal preindustrial 3rd world countries like Myanmar and Laos, one of which is in the middle of a civil war. So this would make the EURO and EU transition look like a cakewalk.
I think they should do what many South American countries do and allow for the usage of many currencies as legal tender.
@@donaldlyons17many places already do
True. And it has the poorest country in the world-- the Philippines. It is difficult.
@@PapaOsmubal.OscarBalajadiathe Phillippines, poorest country in the world? Are you high?
@@PapaOsmubal.OscarBalajadia You are probably a fellow Filipino with the victim mindset, I know that we are not a rich nation. But to call us the poorest country in the world is both ignorant and disrespectful to countries poorer than us.
You can’t tailor interest rates to a local market with a region wide currency. Wouldn’t work.
@chrisk7118 OMG YOU’RE HERE TOO!?🤣see you in City Explorer Plus
Countries like Singapore, Brunei, Malaysia and Thailand will not benefit from this though
Where is any benefit to the rest of Asean member states ?
@@ct9245 Well, these richer nations will need to bail out the poorer nations often. Hell to the no.
@@PassionPnothose countries you mentioned not even a rich countries 😂 tf u talkingg about 😂😂😂
@@Daybr3ak1991 Singapore ain't rich?
Its not the issue of bailing or helping. SEA countries are relatively helpful to each other compared to other regions. Its about control of the value of currency to suit the national strategy. Some countries may want to depreciate, some do not. A single currency will cause countries to lose countrol. For example Singapore and Brunie want to keep their currency within a certain range while Malaysia has been depreicating against the 2 nations. So neither side will be happy with this arrangement.
We ❤ ASEAN. We cooperate not compete.
We are unique and so our currencies.
ASEAN does not represent my country’s geographical and geological conditions. It should have been renamed as ASEAWON.
ASEAWON stands for _Association of Southeast Asian & West Oceanian Nations._
Hahaha.... that's a good comment but it's BS.... All ASEAN countries are competing with each other because that's the way to do business....
Adding....I have been living in ASEAN since 1989....
@@klausschumacher7126 It is a *healthy competition.* Healthy competition in ASEAN countries fosters innovation, drives economic growth, and encourages efficient resource allocation among member states.
What planet are you live in? ASEAN is not something that people in the location share a commonality… In fact, the existence of the association is based on differences to exist! We, Vietnamese, don’t give a rat arse about ASEAN…whatever our government involvement is none of our business. A dead Filipino or Indonesian is none of OUR business…just like how you, guys, were standing on the sideline when we got invaded by your USA master during the Vietnam War… Don’t think there is a unity, there isn’t and will never be!
Im glad im not the only one thinking that ASEAN cooperating is a good idea
If you have been into group projects in a school, you would know that there will be a few member who did no contribution but yet they pass together. It will be the same case.
*Thanksgiving for the very good videos, maybe can implementation on more 15-25 years in future*
Mark my word : "The function of ASEAN is to focus on the economy not to become a battlefield between superpower countries like Ukraine."
Salam dari ❤ 🇮🇩
That's because detterence is not in your vocabulary 😂
ASEAN's initial move is to adopt their respective currencies as a means of payments amongst ASEAN members, thereby reducing the negative impact of the USD, as well as freeing up much of their national reserves held in the USD for more productive use. More importantly, it will enhance ASEAN members' common interests and shared values with more trading activities and circulating of financial transactions in the long term.
Why not just use dollars? Why not allow the use of any currency all together?
@@donaldlyons17Why not just dismantle this lame and useless organization? Just dismantle it. It exists for nothing
All already peg to USD
@@ct9245 Most ASEAN nations pegged their currencies to a basket of international currency reserves, plus a certain amount of GOLDm for good measures. In the near future, the USD would be reduced to "International currency, amongst others".
*ASEAN currencies as of July 31, 2023:*
1. Brunei - $1 : 1.33 Brunei dollar
2. Singapore - $1 : 1.33 Singapore dollar
3. Malaysia - $1 : 4.51 Malaysian ringgit
4. Thailand - $1 : 34.24 Thai baht
5. Philippines - $1 : 54.89 Philippine peso
6. Myanmar - $1 : 2,101.26 Myanmar kyat
7. Cambodia - $1 : 4,126.00 Cambodian riel
8. Indonesia - $1 : 15,087.90 Indonesian rupiah
9. Laos - $1 : 19,103.27 Laotian kip
10. Vietnam - $1 : 23,687.50 Vietnamese dong
*ASEAN+3 currencies as of July 31, 2023:*
1. China - $1 : 7.15 Chinese yuan
2. Japan - $1 : 142.15 Japanese yen
3. South Korea - $1 : 1,275.74 South Korean won
*What are your thoughts?*
Timor-Leste - $1 : $1 (They're using US dollars.) 🏆
I think it should start with countries of high economic growth blazing three Indonesia Philippines Vietnam. Then comes the stable ones Singapore Malaysia Brunei Thailand. The wild cards Cambodia Laos Myanmar can butt in when the currency is already very very big and stable.
South Korean Won is the highest.
Only 3 currencies are powerful. Sgd, Brunei which peg 1 to 1 to sgd, and Malaysia. What you want us to do? I am malaysian btw
@@keangwooichoo6138 powerful your ass! USD, EURO, WON, DINAR are more superior!
Vietnam and Indonesia currency manipulate their currency from the like of Malaysia , Thailand , Philippines .
Indonesia is the main mover and the main actor in the global market.
ASEAN without Indonesia, too small.
want to argue but the reality is like that.
Difficult if there is an asean currency. The economy of each country is different, some are very advanced and some are backward.
Developed countries will bear underdeveloped countries.
Better to use Local Currancy Settlement (LCS).
This means that each currency can be used for export and import transactions within ASEAN.
Before the Euro each of the countries had different economies but they slowly worked that out and so can ASEAN countries it would just take time. As for being backwards lots of countries in the EU were backwards before joining the EU but were uplifted after joining the EU. When joining an organization there will always be those on top of the organizations and those on the bottom.
@@blackwingz55your idea is Bullshits.
1st Indochina Countrys & Myanmar , Brunei , Thailand & Singapore are Authoritarian States are there any EU Countries that are Truly Authoritarian there almost none .
2nd Rich & Middle ASEAN Country will Heavily Affected or drag down by poorer ASEAN Country which is vastly outnumber the Rich & Middle ASEAN Country.
3rdly each ASEAN Country have different Economic System many are on State Capitalism or Socialist System which will never applicable for a Regional Common Currency only few are on Free for all Capitalism how can a Common Currency work in ASEAN if each members have different Economic System in EU it works because they have a Common Economic System.
4rthly each ASEAN Country have Border or Territorial Disputes among each others. Thailand-Myanmar Border Disputes, Thailand-Malaysia Border Disputes , Thailand -Cambodia Border Disputes , Cambodia-Vietnam Border Disputes , Malaysia-Singapore Territorial Disputes, Malaysia-Indonesia Territorial Disputes , Malaysia-Philippines Territorial Disputes and Biggest of all Disputes in ASEAN : The South China Sea Dispute China & Taiwan against almost everbody else in ASEAN in Europe its almost theres none of Border or Territorial Disputes if theres it always ended in Peaceful Negotiation but in ASEAN it always ended in Violence Thailand-Myanmar Border Shooting incident or Thailand -Cambodia Border Shooting incident or straight-up War Vietnam invaded Cambodia because of Cambodian incursion inside Vietnam Territory & Malaysia -Indonesia Konfrontasi over Sarawak So How the Hell the Common Currency Work in ASEAN if theres already NO Unity in Economic , Political & Diplomatic Matters in each ASEAN Countries hhmmm..
@@blackwingz55 It depends. As of now it is best to not do that. It's easier for Europe since most countries were equally rebuilding after WWII. There is a sort of solidarity there. It may work with ASEAN countries if they did the same thing in the 60s. Right now it is too late and too early.
For Cambodia case everyone can criticize of it BUT We allow China to operation most of project because they are cheap and quality . For example: China study one expressways that cost only 1.2 billion while Japan study the same project but cost 4 billion . China allow to us BOT ( build operation system) so we easy secure our nation money . That deal is more advantage than share the percentage of project which is one of the reason that Laos face economic problems nowadays
I think south east asian DOESN'T need to apply this new one currency strategy for now or maybe in the future BECAUSE every country for now is in developing stage of economy and mostly asian countries are on the exporting business than importing so in terms of basic needs,asian countries already have the resources like oil and gas reserves and food supplies,development is on its way by way of industrialization,exploration and modernization is the key for third world countries like south east asian,..😊😊😊my vision of future south east asian is very green and clear,..
Disagreed, but accepable.
it is impossible for ASEAN to embrace single currency. The economic level difference is too high.
As someone who lives in Singapore i think this’d be a terrible idea
Singapore doesn't want free movement of fellow asians?
@@millevenon5853 the most I’d think that they might do is coming in with an ID card
As a thai I don't think so common currency is bad for me.I am not reply
Thailand has international reserves. And the 12th international gold reserve in the world is going to have its own CBDC by the end of 2023. Our country definitely won't share a currency with any other country. There are a lot of gaps in ASEAN countries.
@Eonclaire It's too late, Thailand has finished creating a CBDC currency and is about to bring it out to the public at the end of 2023.
Our Singaporean leader Mr Lee Kuan Yew thinks it’s a bad idea to have a common currency in the EU, why do you think it’s a good idea in ASEAN?
No. It is too varied development. You can say Singapore at the top, it's a bit hard for the others if we have the same currency.
I dont think its good idea atleast for now. Say if the currency is strong then it will make it difficult for smaller countries like Laos, Myanmar, and Cambodia to develop their economy but if the currency is too weak it will hurt singapore.
Republic of Serbia wanted to joint ASEAN, so there's something wrong with EU and BRICS. ASEAN are working fine without one currency system, don't fix something that isn't broken. 😊
Although I agree that one currency system will not work at this time. But every time I read "don't fix...isn't broken" is so so 3rd world mentality, it closes the door for improvement. It's against the concept of creative destruction that drives innovations and transformations.
Serbia wanted to join ASEAN wtf?
Is this a joke you just made up?
Serbia? in ASEAN??
@@Koronuru If this is true, then I would as a Vietnamese welcome our Serbian 🇷🇸 brothers and sister into our ASEAN organization.
With LCS Local Currency Settlement System, we have more stability in the regional economy.
I can't imagine tethering nations with low corruption to nations with of the worse corruption in the world.
Sex scandal and money laundering were apart of corruption.
why would we? we don't trade with each other in consumer basis
even our government only trade here and there with our neighbors
No way! Dont even think about it. The economic gap is too wide!
There is no promblem in different currency the most important is a Very Strong alliance of ASEAN it means everything anything that help our member having different currency is to value honor our own CULTURE.
Following the European Union experience, adopting a common currency isn't enough without adopting freedom of movement of goods, services, labor, and capital within the ASEAN and good luck convincing all ASEAN member-states to adopt all of these aforementioned freedoms to make common currency proposal sustainable.
pppppppppppppppppppppppp❤❤❤❤❤qqqpqpqpqpqq❤❤❤❤p❤pp❤❤❤❤pp❤p❤qqqqqqqq❤❤qqqqqqqqqppppppppppppppppppqpppppppqppqpqqqqpppqpqqpppppppppppqqppppppppppppqppppppppppppppppppppppppppppppppppppppppppppppppppppp
Why ? ASEAN still outpace EU in economic growth for a few more decades even without a common currency
Thank you for sharing this insightful thing
Wouldnt be possible now as the richer countries wont be so keen to the idea. Also, the wealth inequality is so high among asean making it unfair to certain countries.
Thanks for your interesting explanation ❤
I am always smiling when I watch videos about the collapse of the Euro.... Living in ASEAN since 1989 I am always happy when I see the exchange rate of the Euro. Now retired in the Philippines the rate of yesterday was 61.30 PHP to 1.00 €....I enjoy very much living with this so called collapsing currency when I change my pension from Euro tho PHP every month. 😅😂
Valid point and on the ECB website € to PHP used to be €1 = 70 php in 2005 now about 60 PHP as of 2023. That currency used to be pegged to USD at 2 php to $1 until the devaluation from 1960s-present which went from 10-59 php
As a Viet, I say NO to the ACU. Millions of Viets have fought and gave our lives so we can be free and independent and now, we are signing it all away?!?!? NEVER!
Collaboration among fellow Asian nations, YES, but surrender of our sovereignty and freedom to anyone, ABSOLUTELY NO!
@@luongo7886 adapting a single currency unit doesnt fade your nation into non-existent away from earth.
currency have nothing to do with a nation, for example in euro its just a single currency unit for some european nations, because some of them prefer and some of them doesnt, but not because its culturally different but to avoid any potential drawbacks from adapting the currency unit, like for example greece.
It’s not likely to happen. The economy disparities between the countries is too huge a gap to bridge.
Yes good to intro new currency in ASEAN
Yes, make it easier for any contributing country to purchase on equal terms.
As a Filipino i can see it would be reasonable and timely to use gold for ASEAN. Gold holds value and does not depreciate over time..
What does that have to do with you being a Filipino?
Or black liquid gold = oil
@@PapaOsmubal.OscarBalajadiaphlippines is one of the members so he got a point
If they adopt the same currency how can they control interest rates within their countries boarders? What is wrong with having different currencies like it is now? I currently have a Canadian and an American bank account so I can buy, spend, and use whatever currency I need regardless of country.
Can't.. Indonesia and Vietnam currency too far behind ..
As a Vietnamese, I don't think there will ever be a common currency. ASEAN countries have too many differences for us to unite as a single political body, using a single currency.
I can say that European people consist of mostly the same race and the same religion but that's not the case in South East Asia.
If I'm in charge, I'd always support the idea of having a single currency with free-border movement though.
Common currency is not approved by Asean Parliament ( in Jarkata / Indonesia ) , hence not in the agreed signed road map of Asean / AEC ( Asean Economic Community ). Period.
So in a way Indonesia is this regions kingmaker much like Germany in the eu
currency gap between countries in asean is very huge. it would not going well... trust me
Absolutely not, Singapore. Thailand and Vietnam will be the only countries sustaining the currency and the rest will just be riding of it.
Brunei has the same value as singapore...1sgd=1bnd
It is the worse decision to adopt single currency. Use asset back individual currency back by gold / solid valuable asset
not possible cause having common currency means countries with smaller economy will be taken advantage of by bigger countries similar to Italy in EU.
It's possible by starting in small amounts of say USD10bil first and for trading in specified essential goods and/or services only. Then, evaluate and determine the next move. One step at a time.
One currency... better not
Only Singapore and Brunei has a strong currency...we cannot butchered them for the sake of others
instead of adopting a common currency, a local currency settlement system can or should achieve the same goal to "increase trade and unity". without compromising each other purchasing power.
I have seen many similar RUclips channels respectively pushing some idea that ASEAN is some Union or even should have a common currency. And it's a flawed assumption and no point of introduction more problems into the current system in the name of 'fixing it'.
The first FACT is:
ASEAN is like the UN. It's foundation is based on Mitigating Conflicts among it's members and its neighbors. The next rule is that no member should intervene/interfere with each other's home issue - It is a rule understood as ASEAN do not believe that one state should have more power to control/influence/dictate another member could do. Historically, SEA countries had been fighting each other in centuries for supremacy way before the British, the Dutch or the French arrived and those SEA kingdoms had been making other states to be their vassals. It make sense to have the rule of not to intervene/interfere as no member can be a dictator or the power of a dictator.
Economic prospect was later brought into the conversation as member states also grew.
To propose an idea of a one-currency system, the first problem is: which Country should dictate the currency? Let's take an example before European countries become a Union: Italy was originally the 'China' of Europe. The Italians cheapened their currency in order to export their cheap products: In return, Italians continue to get employed and manufacture goods. After the EU is formed with the Italians, the Italians can no longer use the same method export their products and their products become more expensive to compete and manufacturing eventually slimed down, which indirectly create Europe's dependent to cheap China products.
The same issue is also found in ASEAN states: There are ASEAN states, who depend on weak currency for export purpose and to create jobs. Not all countries can be a financial hub.
Even if one takes the EU as an example, most people can still see that mainly Germany and France holds majority of the influence in EU and the EU parliament members are selected members rather than elected members.
The current ASEAN system works fine for every member. It may have it's own weakness, but that weakness is also to avoid any member to become a dictating power or the ruling country over other members.
I think it is possible only if each ASEAN country can supply one another-- if the flow of money is within the region, and lesser imports from 'outside' countries. That's one and there's so many factors that are stopping this common currency from happening.
Every member already has its own established currency in the market fluctuated accordingly to each economic and trading account, it is not necessary to adopt a single currency for this region to complicate commercial activity, every import and export among members had transacted with ease in the past and would continue into the future without any changes to the present system. 🤫
GREETINGS FROM NORTH SUMATRA ❤❤❤🙏🙏🇮🇩🇮🇩🇮🇩
Not a good idea unless they can produce a mechanism to stabilise the central currency.
Singapore: this is NOT FUNNY
It's not possible because there's the treats of economic sanctions,BRICS, already exist,but if there're complete and comprehensive technical studies and the members unanimously voted for One Currency
Impossible as we are still bound to have visas to enter such countries like Singapore or Japan
Only professional have received Asean certification can practice within the Asean area.
Poor people have to be control , else they will flooded the developed cities in Asean
200 years later when Asean people are all rich enough and strong middle class established
Individual country can no longer manipulate their own currency. Therefore, smaller economies can no longer compete with the bigger economies. For example, Cambodia can still control the value of their money to compete with other countries so that it will be cheaper to invest in their country.
If they create single currency smaller countries will be left behind.
So if it will happen if EU has Brixit ASEAN has also and it would be Phixit
Long live ASEAN😊
Gold dinar equals 4.25 gram gold equals 1 goat while 1 silver dirham equals 3 grams silver equals 1 chicken..Perhaps we could also peg the ASEAN currency with rice, corn and millet (sekoi in malay)...thanks ..
If you want to destroy country or countries in the region is to make 1 currency in the region. The same problem that happen to Europe will happen too. Heres an example. A slow country like Philippines will be equal to japan, south korea, etc. Its not a dumb idea. Its the best tool to destroy country or countries in the region
if its just maphilindo with singapore and vietnam sure but not asean.... the gdp gap of indonesia compared to e.i. brunei will be a burden... maphilindo is all in the top 4 of the asean so its would be logical to make single currency for the 3 countries
A definite NO to one common currency.
If I were to adapt this situation to computer storages, it's like the "pros" and "cons" of a RAID configuration regarding the potential risks on data across the servers
Thanks, but No Thanks!
There is too many problems in the region, anyway.
Common currency only made everything more complicated.
No thank you. The colorful money of each SEA countries are unique in their own respective ways
Disparity between developed and underdeveloped is to huge. Not gonna work
The answer would be a BIG NO!!...
Singapore would not allow that. all its cheap labor from Malaysia will just go back and develop their own nation. Singapore will loose the competitive advantage.
Every member country needs to have a bit gold back-up for it to push through.
Not possible since "Non-interference" is one of ASEAN's core tenet
Obviously the answer is no. The 11 country wealth and economic gap is so high and that reason alone is why we don't need one currency system.
Adapting a single currency unit for ASEAN nations would have some potential drawbacks.
Countries like Laos, Cambodia and Myanmar would heavily rely on sustaining nation like Malaysia, Thailand and Vietnam (Nations that could sustain the currency), thus leading to the sustaining nations funding them. It's like a Greece situation but probably worse, since Myanmar is suffering from coups, civil war and economic downturn followed by both Cambodia and Laos heavily dependent on China, for example construction of dams and most of their infrastructure.
Even the low-income EU nations suffering from EURO, hence why UK left the EU to keep its Pound Sterling Currency.
Greece is now a hell, economically and now in heavy debt. Nothing could save them.
Sooo uhh, better use Local Currency Unit since its better.
But a single currency in ASEAN could have potential for a good startup and encouraged internal-trades and transportation between ASEAN nations.
Sooooo, idk which one is better.
No, Asean neef not common currency... Just need foreign exchange rate...
this idea comes from people who never lived in ASEAN and mostly didn't understand the nature of relationship between ASEAN countries. Market and the economic situation on each nation members are different because of the politics, demographics, cultural, and even the climate. Malaysia and Indonesia are predominantly Muslim countries that didn't consume much pork, so the demand is expected to be lower than the Philippines, Vietnam and Thailand, Vietnam consumed more wheat because they ate a lot of bread thanks to French, winter is harsh on the northern side of Vietnam that they might have a peak season of winter coat demands, while Indonesia live in the equator that never a stable climate and the clothes are pretty much have a similar style all year round, not to mention the Monarch government in Thai, federal nations of Malaysia, Democracy in Indonesia and Philippines.
as Indonesian myself, it is a miracle that balkanization not happen in Indonesia, as of now ASEAN are happy with ASEAN as a group that respect each member sovereignty and always offer to have a mutually beneficial agreement, be it in a trade or any political ones, the drawbacks are listed here: conflict resolutions like in Myanmar is nearly impossible to resolved quickly thus making any internal conflict within one member is often left unchecked by the other members, the competition is very strict that often people from the lower tier of development move the higher one like from Indonesia and Philippines working as helpers in Singapore. But despite the drawbacks we managed to live each day better than yesterday, and here's the funny things, having a shared currency is one thing but having one central finance authority is much worse, as the fiscal & monetary policies will affecting the whole members that hold the said currency, those fiscal & monetary policies is defined by the executive, legislative or the central bank of each member (this action is usually defines the fate of a country facing a crisis)
if the purpose having one shared currency, some ASEAN country propose to have a direct conversion in most of the digital transaction that use the QR code in the region to eliminate the dependency of dollars and that is enough as of now. I personally think that ASEAN needs to increase their investment in the region to push the standard of living of the smaller economy, maybe have an easier process and protect the investment from other members in the country, having a security task force for defense purpose to avoid conflict of superpowers in the region like the conflict of China vs India, US vs China, China vs Taiwan, South China Sea dispute, this task force could even intervene in Myanmar's conflict
As a Filipino i DO NOT aggree w/ one currency.
It's a No for me. Its a disadvantage. Asean countries have staggering differences, Also The Philippines is more close with the western Market while trading with east asian like china and japan.
The Problem of corruption is also a risk, we all know in Asean that corruption has become a meme to us because we just accept it as a norm. We may look the same but the cultures are way different. from the Buddhist parts like Thailand and Myanmar, a full Catholic like the Philippines then flip 180 degrees muslims of Indonesia. A single currency cannot support the needs of member countries.
As an Indonesian I don't want countries like Laos, Cambodia, and Myanmar to drag us down
Bro is harsh :(
Talking like Indonesia is the first class countries lol even though Cambodia has low overall GDP we have a better living standard, higher GDP growth rate btw this is our 24 years of development since 1999 civil war . And there are tons of Indonesian worker here as well .
@@KdamSamout lmao, your backwater country's GDP rate is higher only because you have less people to take care of, and your country doesn't even have public healthcare system. Also saying that a lot of Indonesian workers are in Cambodia doesn't mean your country has better working condition, a lot of Indonesian workers are also working in Singapore, Taiwan, and Hong Kong. Your human rights and democratic integrity are questionable at best. And Cambodia having better living standard? From what source are you even saying this? The communist propaganda news reels?
Singapore can say the same thing about Indonesia 😅
@@Asrimuhd well, comparing Singapore to Indonesia is not as bad as saying that Cambodia is better than Indonesia. Besides, everyone, including me, do agree that Singapore is the best country in Southeast Asia
ASEAN do not need a shared currency, current status is the best please do not speculate or even think of this silly suggestion, no one should.
In my opinion. No for me. Due to the diverse difference and culture of each country.
Should South east Asian be united in one country. Also No.
Vietnam: (銅) ₫ or informally đ, Sinosphere Country
Singapore: (SGD)$ very westernised country
Brunei: (BND)$ From strait dollar
Indonesian: (Rupiah)Rp relates to Rupee ₹(India)
Malaysia: (MYR)RM Historical term from Spanish Silver coins.
Others have complex history through Political and colonialism.
Singapore needs the exchange rate to control their inflation vs other countries e.g that uses interest rate. So this not gonna happen , at least until MAS wants to.. i think there was a currency agreement between SG, Brunei and MY previously that made all their currency equal. Did not work for a big and less rich country like malaysia.
They should have their own group currency in order to get rid of the exploitation by the hegemonic empire.
What is the cost of printing the hegemonic one $100 note? 2 cents? What is the net profit? 98 cents or 4900% profit.
Good idea when all Asean country members approximately equal according to the economy size.
The living and economy standards are so different plus there are huge gaps among us. I say no right now, in the future maybe when everyone is at the same level
How about creating an asean work visa? Similar to schengen visa?
There are too many economist and experts in asia. They can find a way to make an asean working visa. It will be a good return for all asean countries where flow of smart asians working easily around asia.
There is already the Asean certification for professional , note professional like medical doctor , accountant, architect , lawyer , etc
Instead of adopting a single currency, why dont they just lower or even eliminating fx fees? Arguably this will still do the same thing like stimulate exports and barriers while maintaining individual monetary policy.
Asean already established it’s The ASEAN Free Trade Area (AFTA) ,
It already very good for them
Perhaps a single currency will make it much harder for international weapons dealers to sell pain and misery causing equipment, wonder how many million packets of instant noodles and canned sardines can be bought if we ASEANS all substantially reduced weapons system purchases..
POWER OF ASEAN 👑
It can be done , but first you need to fire lao , cambodia , myanmar and forget about east timor.
Hopefully this never happens. I need my SG currency tp have a good exchange rate to MYR so I can get those cheap beyblade prices
This video while making a good point, only views ASEAN from a surface level. I am from an ASEAN country and this is my perspective, an united currency system like the Euro is still far from possible for ASEAN. Firstly, most ASEAN countries are still developing economies, with only Singapore having achieved developed economy status. This means Singapore will have to do a lot of heavy lifting to support the others.
Second, corruption is rampant in developing economies like Malaysia and Indonesia, this alone means ASEAN can't really trust each other when it comes to setting monetary policies, will it actually benefit the ASEAN collective or only the corrupt elite?
Third, EU has had a long history of wars, revolutions, and democratic reforms for centuries. It has more or less politically stable. Here, recently you have Myanmar enacting a military coup and imprisoning its democratic gov; Thailand refusing to form a gov with the new elected prime minister due to his anti-monarchist policies; and many more. A lot of ASEAN is still politically unstable and relies too much on military might governments rather than democratically elected leaders.
So yeah, I am definetely not seeing this ASEAN common currency in my lifetime
The mainland already using thai baht for a long time, but not in official
the risk outweight the bennefit, so.. NO
Philippines Procures Two More LPD From Indonesia’s PT PAL
Indonesian shipbuilder PT PAL signed a contract with the Philippine Department of Defence on June 24, 2022, to build two Landing Platform Dock (LPD) for the Philippine Navy.
The signing ceremony took place in Manila at the Philippine Department of National Defense with representatives of the State-owned shipbuilder. PT PAL Indonesia is exporting its Landing Platform Dock (LPD) to the Philippines for the second time: The Philippine Navy is already operating two Tarlac-class ships. Tarlac (LD-601) was commissioned in June 2016 and Davao del Sur (LD-602) was commissioned in May 2017).
“We, the management of PT PAL Indonesia, are proud to be able to contribute to national defense in ASEAN. At the same time, we appreciate the trust of the Philippine government, which has chosen PAL for the second time as a defense equipment provider for the maritime domain.
PT PAL’s defense procurement capabilities and capacities are now increasingly entrusted to the global market. This is inextricably linked to the role of the Indonesian government, which has placed its trust and support in PT PAL. PT PAL is one step in Defend ID ‘s journey to become one of the world’s 50 largest defense companies.”
Willgo Zainar, CMO of PT PAL Indonesia
The ship will be built at the PT PAL shipyard in Surabaya. They will be 123 meters long with a standard displacement of 7,200 tons, and have a cruising endurance of 30 days. According to PT PAL, the design will feature some alterations compared to the in-service Tarlac-class ships. The LPD will be capable to sail up in waters up to sea state 6, as well as operating ship facilities at sea state 4.
Source : navalnews
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