East Asian countries have been proposed to form the euro-style currency system by the Malaysian Prime Minister Mahathir Mohammad.
According to him, if the move is implemented, the countries of this region will be able to get out of the dollar dependence. In the trade sector, the speed will increase. Mahathir on Wednesday shared his thoughts on East Asia at the ‘The Future of Asia’ summit in Japan capital Tokyo. News by Reuters.
In many European countries, there are gold-based common currency euro. In 1993 the European Union was established. Six years later, the Euro currency was introduced in 1999.
There are 25 countries who take euro currency. Of which 19 members are from the European Union and 6 are from non-EU unions. There are also nine European Union members but those who have not yet received the euro currency.
Mahathir wants the European currency system in other Eight East Asia countries.
The conference, organized in the Imperial Hotel, leaders from different countries of the Asian-Pacific region, politicians, economists, researchers, and theoreticians attended there.
Mahathir said at the conference for East Asian politicians and leaders, “If we want to come closer to each other in the East, then we have to go towards a common currency.”
“It is not used locally, but it can be used in regional trade.” Mahathir further said, “At this moment we have to use the dollar in commercial transactions.”
But the currency of the dollar is not stable. Therefore, I should propose that its foundation should be gold. Because gold is much more stable.
The most important international conference in the region is ‘The Future of Asia’ organized by Japanese Broadcast Media Nikkei. Besides Malaysian architect Mahathir Mohammed, Bangladesh Prime Minister Sheikh Hasina, Japanese Prime Minister Shinzo Abe, Cambodian Prime Minister Hun Sen and Philippine President Rodrigo Duterte took part in it.