It would require real academic study of optimal exchange areas in the Asian region. Rather than creating futures in one or more 'baskets' of Asian currencies, it might be better to deal with individual currencies. This would mean that relevant decisions would be required from individual governments rather than via regional agreement. Regional agreement would inevitably take a good deal of time. More important, individual investors could construct their own portfolios rather than deal in only a specified basket.
Immediate action is unlikely.
Mutual understanding has to be built, and then there would have to be regional cooperation in human resource development to ensure that the required skills are widespread in all participating economies. A patient response such as this may not have the immediate news value of something like the euro of the European Union, but it is a plausible response to one of the major real economic issues of the Asia-Pacific region. And it is this kind of analysis, not a generalised recognition of variation within Asia, which Asianists should be promoting. A thoughtful regional response is also required to the issues of managing the lending risks of financial institutions. A common response to the Asian financial turmoil has been 'Supervision, supervision, supervision'.