As for the proposed unified East Asian currency unit or currency index that stirs heated debate among the countries, Wu said it is understandable that so much discrepancy emerged. He believed that there is a concrete demand by the countries to establish a unified currency similar to the euro.

By rough estimation, the cost from currency exchange in international trades accounts for 20 percent of the total. A unified currency may reduce trading cost significantly.

However, it is very hard to persuade a country to give up its constitutional right of issuing own currency. off To develop a proper solution to the problem likely to be accepted by the countries needs great efforts in conducting systematic study, discussion, negotiation and cooperation, which is likely to be a painful and lengthy process.

The first and most urgent step, said Wu, is to set up a cooperative research mechanism to make thorough exploration into the issue finding out the critical points of the problem, maximizing common interestsin the new currency system.

On this purpose, Wu suggested to officially start up a systematic study of the "East Asian unified currency" or "East Asian currency index" issues.

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