Asian Monetary Integration
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Asian Monetary Integration

Coping with a New Monetary Order after the Global Crisis

Woosik Moon and Yeongseop Rhee

The authors examine the history, conditions and current efforts towards monetary integration in Asia and explore possible future paths, highlighting the roles and perspectives of East Asian countries in the integration process. They consider how East Asian economies could establish their own zone of monetary stability, and show that this stability cannot be separately addressed from the issues of economic growth and solidarity. Against this backdrop, the book tackles the issues of East Asian monetary integration underpinned by the broad framework of economic growth and solidarity.
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Chapter 11: Hurdles and challenges

Woosik Moon and Yeongseop Rhee


When East Asia and Europe are compared, their suitability for regional integration may initially not seem so different from each other. For instance, as Willet emphasized, ‘post World War II developments in Asia were quite similar to those in Europe with Japan playing the role of Germany’ (Willett, 2005, p.6). However, unlike in the EU, where the economic bloc was formed by mutual agreement at government level for the purpose of integrating the market, economic cooperation in East Asia was a natural consequence of increasing globalization and interdependence. What are the factors that prevent East Asian countries from emulating Europe’s institution- led regionalization? Why do they simply accept market- driven regionalization? There are in fact important differences between the two regions. For instance, according to Katzenstein (1996), ‘the US encouraged bilateralism in East Asia, but multilateralism in Europe because it had more power in the former region than in the latter’. Also in East Asia ‘the relations between the state and society were governed by social rather than legal norms and East Asian governments inherited the colonial radition of “rule by law” rather than the West European tradition of the “rule of law”.’ (p.146). No matter how important these differences may be, many obstacles prevent East Asian countries from establishing regional institutions. In particular, economic, political, and social obstacles are noteworthy.

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