Eurozone For South East Asia? Essay

3376 words - 14 pages

IEA Group Project Report (Group 7)
Is the EU example of regional integration suitable for ASEAN? Many in Asia argue that the
region should integrate faster and further. Should we? Can a single currency model be adopted in
ASEAN?
Written by:
DANG Duy Minh Quan
KYAW Theik
NGUYEN Quoc Viet Anh
SEAH Rena
VO Nguyen Nhat Minh

Content Page
1. Introduction ................................................................................................................................. 1
2. Governance ................................................................................................................................. 2
a. Immigration ............................................................................................................................. 2
b. Common Policy Making ......................................................................................................... 3
c. Annual Common Budget ......................................................................................................... 4
3. Economic Integration Policies .................................................................................................... 5
4. Common Currency ...................................................................................................................... 6
a. The good: ................................................................................................................................. 6
b. The bad: ................................................................................................................................... 6
c. The ugly: .................................................................................................................................. 8
d. The judgement: ........................................................................................................................ 9
5. Conclusion ................................................................................................................................ 10

1. Introduction
The European Union (EU) is a political and economic union established in 1993 after the
ratification of the Maastricht Treaty by the European states and presently comprises 28 nations.
The Schengen agreement achieved greater integration through the free movement of people
within the Schengen zone. In addition, there is common policy making where all nations decide
and abide by the same laws regarding various matters, one of them being a common law on free
trade where import tariffs were implemented and customs duties, discriminatory taxes and
import quotas abolished for internal import (European Union, n.d.).
The EU has an annual budget of more than €120 billion to fund its policies, which is financed by
revenue from tariffs and the member states themselves. Most significantly, a single currency is
what makes the EU special. It came into effect in 1999 and is managed by the European Central
Bank (ECB), whose primary objective...

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