The article explores the best way for countries to manage their currency to reduce volatility and improve trade. It looks at whether Northeast Asian countries can share a currency or peg their currencies to a basket, finding that a currency union isn't feasible but an exchange rate union with major currencies like the US dollar, Japanese yen, and Euro could work. It also shows that having a flexible exchange rate can help reduce currency mismatches. Lastly, the research suggests that emerging market economies should use a specific mix of currencies in their currency basket to minimize economic losses.