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I Introduction The world financial markets are becoming an increasingly global marketplace and emerging economies are being pulled into this rapid pace of financial innovation and globalization at varying speeds The choice whether to be integrated or not does not solely rest in these countries alone The big strides in telecommunications and information technology have made it increasingly possible for any nation to insulate itself from the rest of the world Europe has pioneered a major change in currencies - they have eliminated the use of national currencies and replaced it with a single currency for almost the whole of Europe It is a fact that countries aim to have international monetary cooperation and to keep their exchange rates stable due to the globalization internationalization and financial market integration phenomena but no other group of countries have made an attempt as bold as Europes So why did Europe decide to create a European Monetary Union EMU and make its main project a supranational currency Is there a need for Asia to do the same In this paper we will examine the historical economic and political agenda behind the creation of the Euro and we will investigate on its applicability to Asia To derive at a conclusion and recommendation the group will provide a brief economic history of a single currency Next we will present our findings in the related literature specifically the case of the Euro and the over- all condition of Asia Once we have laid down the facts and the situation the group will show the arguments on the possible advantages and disadvantages a common currency can bring Finally we will arrive at our proposed outcome and recommendation for a possible common currency in Asia II History of The Single Currency History will tell us that the Roman Empire the Chinese Empire and the British Empire have all customized to a sole currency denomination for the constituency over which they
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