MANILA, Oct. 26 (Xinhuanet) -- Asia should achieve the monetary union with a single currency in long run, Asian Development Bank President Haruhiko Kuroda said Wednesday.

    During a speech at a forum, Kuroda said Asia in general, and East Asia in particular, should strive to form a monetary union in the long run.

    Although as the fastest growing region in the world for several decades, Asia still shows an enormous disparity in income levels, living standards, and socioeconomic conditions as well as homes almost two thirds of the world's poor, Kuroda said.

    "In a region of such dynamic growth, this is simply unacceptable," he added.

    The president said that given the magnitude of intra-regional trade, even small exchange rate misalignments can disturb trade and investment flows and create trade friction among the region's economies. "This indicates the need for intra-regional exchange rate stabilization in the years to come, and ultimately a single currency."

    He also pointed out that the regional integration of economic benefits can also contribute to the settlement of political differences.

    "If we look at the younger generations who are free from old nationalistic sentiment, we can be more optimistic that political hurdles to economic integration could be overcome," he said.

    However, Kuroda clarified that Asia's regional integration is not at the expense of its continued engagement with the rest of the world.

    "Our objective should be not to create a 'fortress Asia,' but a highly integrated Asia that is open to the rest of the world as well," he added. "This is 'open regionalism.' In short, Asia should increasingly act regionally while continuing to think globally." Enditem