political and financial reasons

The second article "misguided dream of Asian Monetary Union by Barry
Eichengreen explains why the creation of the Asian monetary union or a
Asian currencies is a complex process. It has been stated that the purpose of
bringing in a monetary union in the form of Amu is largely due to
hangover from 1997 SE Asian crisis when a point that was driven home
was that local currencies were too small to cope with international
markets. The reasons why it is desirable Amu listed. Ways to
meet the objectives proposed. But trying to establish a system
regional currency pegs as a first step towards eventual Asia
monetary union is impractical both political and financial reasons.
Asian countries are advised to engage in coordinated
inflation targeting, while investing in the development of markets for hedging
in which banks and companies can protect themselves from exchange rate
uncertainty and financial risks.