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Paths through the crisis: Can enhanced financial integration provide the way forward for Asia and Europe

EUforAsia Brussels Briefing

Project Period: Contact: Department: Programme: Theme:
10:30 - 12:30, 2 December, 2011 Ronan Joseph Lenihan Political and Economic Department Economy



Venue:
European Policy Centre,
Brussels,
Belgium

The global financial and economic crisis of 2008/09 is still slowly  eroding the confidence in the architecture of the global economy and its institutions. With this lack of confidence, a climate of uncertainty has set in. With capital flows moving from West to East and the re-emergence of Asia as a major global economic player, the continued cooperation between Asia and Europe will have a major impact on the health of the global economy.   

This co-operation through the Asia-Europe Meeting (ASEM) - a process for dialogue between Asia and Europe - now boasts twelve members in the G20 and represents over 55% of global GDP. With greater engagement, Asia and Europe can start to overcome the global economic crisis and create effective regional and global economic governance systems.

Given the need for more effective global economic and financial governance, the Europe-Asia Policy Forum (EUforAsia), the Asia-Europe Foundation (ASEF), and the European Policy Centre (EPC), held a public briefing on the 2nd of December to discuss the major developments in financial integration in Asia and Europe. The panel featured expert analysis on the latest measures to address the Eurozone crisis, the question of internationalising the Renminbi, and the path forward for greater East-Asian Co-operation. The panel will also feature a presentation of the report from the “Workshop on the Impact of the Crisis on Regional Economic and Financial Integration in Asia and Europe”.

Project Updates

  • An enhanced financial integration for

    Published on 19 Dec 2011

    The continued fallout from the 2008/2009 economic crisis is still having an intense global impact. Asia and Europe feel this impact in different ways. EU leaders have been calling for more integration to pull the Eurozone back from the brink. In Asia, calls have been for more integration to encourage sustainable growth and rising prosperity.  

    Can enhanced financial integration provide the way forward for Asia and Europe?              

    ASEF co-organised a public briefing in Brussels (2 December 2011) in partnership with the European Policy Centre (EPC) and the Europe-Asia Policy Forum (EUforAsia). The briefing brought together economic integration specialists from Asia and Europe to analyse and discuss the importance of deepened financial integration in Asia and Europe.

    Topics discussed included the latest measures to solve the Euozone crisis; growth prospects and structural adjustments; and the interdependencies between Asian and European economies.

    A report from the ASEF workshop on "The Impact of the Crisis on Regional Economic and Financial integration in Asia and Europe" was also presented at the briefing.

  • The financial and economic crisis has created a climate of global uncertainty and vulnerability. This has had different impacts on Asia and Europe. To alleviate the effects of the crisis, the two regions need to strengthen cooperation.

    The Europe-Asia Policy Forum (EUforAsia), the Asia-Europe Foundation (ASEF), and the European Policy Centre (EPC), will jointly organise a public briefing Paths through the crisis in Brussels (2nd December 2011). Experts from the field including Dr John Ryan from the London School of Economics, D. Zsolt Darvas from Bruegel, Prof Marjan Svetlicic from the University of Ljubljana and Dr Liming Wang from the University College Dublin will participate in this briefing. They will discuss major developments in financial integration in Asia and Europe.

    There will be expert analysis on the latest measures to address the Eurozone crisis. The briefing also will discuss the issue of internationalising the Renminbi. The future for greater East-Asian cooperation will also be discussed in length.

    A policy brief based on the outcomes of a workshop on The Impact of the Crisis on Regional Economic and Financial Integration in Asia and Europe will also be presented at the briefing.

Partners

  • Europe-Asia Policy Forum
  • European Policy Centre
ASEF's contribution is with the financial support of the European Commission.