Professor Robert A. Mundell of Columbia University in the United States has called on Asian countries, which are mainly export-oriented, to establish a Common Currency System.

The 1999 Nobel Laureate in Economics delivered a lecture entitled "The Case for A Common Currency in Asia" Thursday in Seoul upon the invitation of the Institute for Global Economics.

Mundell said although the establishment of a common currency system in Asia was possible, it would be difficult due to social and historical gaps that exist between the countries.

The professor specifically proposed the adoption of a fixed currency exchange rate to the U.S. dollar in order to establish a common currency exchange system in the region.

Mundell suggested that South Korea, China and Japan lead the movement toward Asia's currency so that other Asian countries would naturally follow their example.