Economic Integration and Financial Market Stability: Asia and Europe Compared

5 May 2008 (2:30 p.m. - 4:30 p.m.)

Is Asia ready to prevent the occurrence of another financial crisis, particularly in view of the recent global turmoil? Does regional integration and cooperation strengthen financial market stability? What are the policies and institutions needed to face the increasing challenges of global finance? This seminar aims to shed light on the above issues by asking a panel of distinguished economists to compare the European and Asian experiences in managing financial market volatility and crisis.

Speakers will be asked to provide policy advice in a context of increasing regional and global economic interdependence and to offer their insights on the new ADB study on "Emerging Asian Regionalism: A Partnership for Shared Prosperity". This study stresses the importance of building infrastructure for capital markets, creating new institutions to enhance regional dialogue on financial stability and macroeconomic cooperation. The study further suggests that progress in Asian financial integration occurred in the last decade-albeit still limited-has helped to increase efficiency and stability of financial markets and to create globally competitive financial centers in the region.