Proponents of Asian monetary integration have always looked to Europe for inspiration. This paper reconsiders the cas in light of the eurozone crisis. I ask what aspects of the earlier consensus remain intact in the wake of the crisis and what aspects must now be rethought. Is there a danger of "throwing out the baby with the bathwater" - a danger, in other words, that Europe's negative experience since 2009 will cause Asia to turn away too quickly and completely from monetary integration? Or is it in fact appropriate to "throw out the baby" - to conclude in light of Europe's example that Asian monetary integration is not an appropriate and desirable goal?

JEL Classification: F0, F20