section_path: Structure/ASCC Blueprint/Financial integration roadmap
section_name: Financial integration roadmap
paragraph_text: Financial integration roadmap
  
  The roadmap for financial integration is the latest regional initiative that aims to strengthen local self-help and support mechanisms. The roadmap's implementation would contribute to the realization of the AEC. Adoption of a common currency, when conditions are ripe, could be the final stage of the AEC. The roadmap identifies approaches and milestones in capital market development, capital account and financial services liberalization, and ASEAN currency cooperation. Capital market development entails promoting institutional capacity as well as the facilitation of greater cross-border collaboration, linkages, and harmonization between capital markets. Orderly capital account liberalization would be promoted with adequate safeguards against volatility and systemic risks. To expedite the process of financial services liberalization, ASEAN has agreed on a positive list modality and adopted milestones to facilitate negotiations. Currency cooperation would involve the exploration of possible currency arrangements, including an ASEAN currency payment system for trade in local goods to reduce the demand for US dollars and to help promote stability of regional currencies, such as by settling intra-ASEAN trade using regional currencies.