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    Lessons of the European Crisis for Regional Monetary and Financial Integration in East Asia

    Volz, Ulrich | February 2012
    Abstract
    The debt crisis in several member states of the euro area has raised doubts on the viability of European Economic and Monetary Union (EMU) and the future of the euro. While the launch of the euro in 1999 stirred a lot of interest in regional monetary integration and even monetary unification in various parts of the world, including East Asia, the current crisis has had the opposite effect, even raising expectations of a breakup of the euro area. Indeed, the crisis has highlighted the problems and tensions that will inevitably arise within a monetary union when imbalances build up and become unsustainable. This note discusses the causes of the current European crisis and the challenges that EMU countries face in solving it. Based on this analysis, it derives five lessons for regional financial and monetary cooperation and integration in East Asia.
    Citation
    Volz, Ulrich. 2012. Lessons of the European Crisis for Regional Monetary and Financial Integration in East Asia. © Asian Development Bank Institute. http://hdl.handle.net/11540/1111. License: CC BY-NC-ND 3.0 IGO.
    Keywords
    Trade Finance
    Risk Financing
    Regional Development Finance
    Public Finance
    Infrastructure Financing
    Financing of Infrastructure
    Financial Security
    Financial Intermediation
    Finance And Trade
    Enterprise Financing
    Trade Regulation
    Trade Finance
    Regional Trade Agreements
    General Agreement On Tariffs And Trade
    Taxation
    Business Financing
    Investment Requirements
    Capital Needs
    Tax Incentives
    Project Risks
    Tariff agreements
    Customs convetions
    Import policy
    Export policy
    Investments
    Finance
    Market
    Markets
    Use tax
    Tax administration and procedure
    Taxing power
    Effect of taxation
    Business enterprises
    Foreign trade and employment
    Mentoring in business
    Trade routes
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    Citable URI
    http://hdl.handle.net/11540/1111
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    Author
    Volz, Ulrich
    Theme
    Finance
    Trade
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise