The Asian crisis 1997/98, the launch of the euro in 1999 and the global financial crisis 2007/8 have stimulated monetary cooperation in East Asia and debate about an Asian Monetary Union (AMU). The success story of the euro can serve as a role model but special features in East Asia have to be taken into account. Given the current heterogeneity of Asian countries the exchange rate orientation will remain dominated by a mixture of dollar-pegged and (managed) floating schemes for the time being. The introduction of a single currency requires strong political will as well as the building of institutions, a legal framework and trust. Therefore, it is likely to take at least another two decades before AMU can be launched.