Chapter 10: Regional financial arrangements: lessons from the Eurozone crisis for East Asia
In the aftermath of the Asian financial crisis, two sets of policies (and approaches to economic development) battled for supremacy in East Asia: (1) protectionism, which conditions economic development on closed markets, and (2) liberalization and regional market integration. This was a battle that was soon lost by the supporters of protectionism. In the 2000s liberalization and market integration came to be regarded as the only sustainable path to the region’s future economic prosperity. East Asian countries have expended a great deal of effort in the development of regional financial arrangements to support regional economic integration and growth. These include, in particular, the ABMI, the CMIM, the AMRO, and the Executives’ Meeting of East Asia Pacific Central Banks (EMEAP). The region is now in the process of seeking to build an AEC, many aspects of which will likely extend to ASEAN+3 as a result of bilateral arrangements. Prior to the global financial crisis and the Eurozone financial crisis, the European Union was often portrayed and in fact often served as a positive model for East Asian regional institutional arrangements. This chapter asks whether in light of the global and Eurozone financial crises the EU can or should still be seen as a model for regional financial integration in East Asia.
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