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”.