It's simple. A) ASEAN has a principle of non-interference (on its members' internal affairs) while monetary integration requires a supranational monetary authority that yes, will interfere to the members' internal affairs. B) Even if ASEAN countries are willing to compromise on that principle, there is no Asian counterpart to the Bundesbank.
That is from Kenen and Meade. Here is their summary. Otherwise, buy the book.
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