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Currency Conversation at Editors’ Roundtable

6th Asia-Europe Editors' Roundtable

“I strongly view that multicurrency system would further enhance trade and investment as it helps eliminate several obstacles, such as transaction costs, exchange rate fluctuations, and reduces complexities in administration”, said Mr Chakkrit Parapuntakul, Deputy Permanent Secretary, Thailand Ministry of Finance. Mr Parapuntakul made these remarks as the Guest-of-Honour for the 6th Asia-Europe Editors’ Roundtable, ‘Multiple Currencies for a Multi-polar World’, in Bangkok, Thailand (13 October 2012).

His views were echoed by Dr Paola Subacchi, Research Director of International Economics at Chatham House (UK). "Given the rise and growth of Asian economies, and China in particular, a regional currency is needed to trade in Asia," she said. Dr Subacchi was the moderator for the Roundtable in Bangkok which gathered 24 financial experts and senior media commentators from 17 countries across Asia and Europe.

On another note, many of the participants at the Roundtable believed that ‘regional currency’ in Asia, still has a long way to go. Such a move towards economic integration would require more political integration at the regional level. In this regard, Asia can learn from the Euro experience in Europe. Such learning experience can be enhanced by traditional media, which can play a key role in reporting the human angle connecting Asia and Europe.

All above points were highlighted during the day-long Roundtable which was organised by the Asia-Europe Foundation (ASEF) and Chatham House. Bangkok Post was the official media partner of this event. The discussions’ highlights were presented by ASEF to the ASEM Senior Finance Officials on Sunday, 14 October 2012.

“It is a great opportunity to present the outcomes of the 6th Asia-Europe Editors’ Roundtable immediately to the ASEM Senior Finance Officials. The discussions at the Roundtable highlighted key issues such as moving towards a multi-polar currency system and a more effective system of maintaining global financial stability. These are pertinent to discussions on reforming the existing international monetary system,” remarked Mr Karsten Warnecke, Deputy Executive Director, ASEF, who chaired the Roundtable in Bangkok.

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