1.   Helped by large foreign reserves and more flexible currency regimes, governments are increasing budget deficits to speed consumption.

2.   Indeed, the political commitment to join a common currency regime is already working this magic.

3.   Now the tide appears to be shifting again, in favor of smaller central banks and more rigid currency regimes.

4.   The key reality is that the criteria for becoming part of the common currency regime have been met by most EU members.

5.   There is nothing in the Maastricht Treaty to prevent a modification of criteria for admission to the new currency regime.

6.   A new currency regime must be studied as quickly as possible.

7.   Asean in particular needs stable currency regimes to liberalise trade and investments.

8.   Besides, the central bank had never done any serious homework on a new currency regime, which would involve a host of technical measures.

9.   But the options were designed as piecemeal because Chaiyawat, as the macroeconomic strategist, did not want to alter the currency regime for fears of the adverse consequences.

10.   But Zhu said the reserves were required to allow China flexibility in its currency regime, which remains partially controlled.