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.
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.