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ation of an internal market in Asia as possible, future stage in regional cooperation. And why should this not be a basis for greater monetary integration, if that is what people of Asia desire?”

Conclusion

In the current world, where globalization, informatization and technical progress play the leading role, old economic factors and variables are being replaced by new ones. The process of globalization, together with the development of communication means and increase of international trade, in the conditions of international labor specialization etc. defines the importance of economical flexibility. Therefore the advantages of the existing fixed exchange rate systems and the measures of pegging the currency to a stronger one are gradually losing their advantage. The choice for stability at the extent of flexibility and independence of monetary and fiscal policy is, in my opinion, no more justified in the new conditions. The importance of shift from the fixed exchange rate system to flexible exchange rates can hardly be overestimated. However, in case of poor economical policy and non-balanced government management of the economy can reduce all the advantages of flexibility. Moreover, as the economical ties between countries strengthen, the responsibility on the government concerning monetary and fiscal policy increases, because now the economical crisis in one country easily develops into world economical depression.
In general, most international economists today state that the benefits of integrating into world financial system and liberalization of financial markets exceed the risks of instability, and the future is promising greater perspectives for the countries whose financial system is based on the floating exchange rate system. The level of financial liberty can be different for different regions of the world, and the policies that can lead them to economical growth can also be different, but the general belief is that the flexible exchange rate system offers better opportunities for successful economical development than fixed exchange rate system.

Literature
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