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Unrealistic as it was technically, the idea of a pan-Asian currency always had some political support: Since 2005, the Japanese have published the exchange value of something called the Asian Monetary Unit, a precursor to what would one day become the region's equivalent of the euro. The debt crisis in southern Europe — and the threat it posed to the single currency in the
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On July 2, 1997, the Thai baht collapsed. After waves of speculative attacks, the government had run out of foreign currency and become unable to support its exchange-rate peg to the US dollar. So it floated the baht, which went into free fall. A wave of financial and nonfinancial Thai corporates that had borrowed heavily in dollars filed for bankruptcy. The Asian financial crisis had begun.
On July 2, 1997, the Thai baht collapsed. After waves of speculative attacks, the government had run out of foreign currency and become unable to support its