Australia and New Zealand say the introduction of a single currency for the two neighbours is not on the agenda, but could be considered if there were significant economic benefits.
New Zealand Prime Minister Helen Clark and her Australian counterpart, John Howard, have ended talks in Canberra which included discussions on the recent East Asia Summit and common military deployment in Afghanistan.
When asked about the possibility of the countries issuing a single currency, Mr Howard and Ms Clark agreed it could not be ruled out.
However, Mr Howard says he is not pushing for a single currency.
"We are two sovereign independent, close friendly countries, but we are separate countries," he said.
"I think it is always somewhat needlessly provocative for Australian prime ministers to be calling for this or that on a single basis.
"I think to give up control of your currency is a very big step."
Regional summit "significant"
Both leaders says they are satisfied with the first ever East Asia summit, which they attended in Malaysia in December.
Mr Howard says the 16-member grouping can make a big contribution to relations in the region, although it will not replace the Asia-Pacific Economic Co-operation group (APEC).
Ms Clark says the Asia summit is a significant development.
"We need now to be working on ways to take it forward as a meaningful addition to regional architecture in East Asia," she said.
"A lot of diplomacy from both Australia and New Zealand was involved in getting the seat at that table in the first instance.
"That was important, now the challenge is to build on it in a meaningful way."
