This book provides a comprehensive overview of the current state of discussion on monetary and financial integration in East Asia. It assesses the steps already taken toward financial integration, and advances different proposals for future exchange rate arrangements in what has now become the world's most dynamic region. Leading scholars evaluate the economic and political arguments, and explore how and to what extent the countries of the region can integrate despite their heterogeneity and underlying political tensions. Drawing on the European experiences, this book analyzes the economic logic of monetary and financial integration in East Asia and its political feasibility.