The Euro area sovereign debt and banking sector crisis poses a major threat to global economic growth and financial stability. The process of economic and financial integration in the European Union also provides an important benchmark for similar processes in Asia, although the latter are still at a much earlier stage, so it is important to understand the lessons, both positive and negative, from the EU integration process. We are currently witnessing a retrenchment of international cooperation, a reorientation of policies along national lines. This is happening in the Euro area but also in other countries, in creating their own umbrella and their own financial autonomy to protect themselves to any unintended consequences of the crisis in Europe.
It is important in this respect to get the views of European policy makers and also those of the PRC and other emerging markets on how they see that crisis. Despite the gloomy scenarios, these countries in Asia have agreed to provide resources to the IMF. What does this imply for the evolution of the global financial architecture in general? The seminar will focus on both the implications of recent developments in the Euro area and current and likely developments of regional cooperation in Asia.
The objective of the seminar is to provide further insight on the development of the Eurozone crisis, the regional cooperation responses and the implications of the crisis for regional cooperation in Asia.
Panel discussions and seminar report.
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