With the declaration by heads of state at the 8th ASEM Summit in Brussels, calling for a push “towards more effective global economic governance”, it is evident that major opportunities exist in the current climate to create greater economic and financial co-operation, while improving existing coping mechanisms. This push towards greater co-operation was reiterated by the G20 leaders at the Seoul Summit, with heated debates on mechanisms such as Quantitative Easing and Global Monetary Imbalances they warned that “uncoordinated policy actions will only lead to worse outcomes for all”1. Asia and Europe have much to share with one another. The EU provides the benchmark for deepened regional economic and financial integration and the challenges and vulnerabilities that come with that, while Asia, though not as deeply integrated, has experienced growth in spite of two major financial crises in the past 13 years, thus illustrating the resilience of Asian economies and their important role in supporting global recovery. According to Asian Development Bank President, Haruhiko Kuroda, “the region (Asia) will make increasingly valuable contributions to global stability and global prosperity”, this point is in very little doubt as the G20 works to lessen global economic imbalances.
As part of a response to these calls for effective global economic and financial governance, ASEF, the Asian Development Bank Institute (ADBI) and the University of Ljubljana (UL) will jointly organize an eight month research project and collaborative workshop consulting with multi-sector experts to generate innovative and informed recommendations on how to prepare for future crises. The workshop will specifically focus on regional financial integration mechanisms looking at monetary cooperation in both Asia and Europe with a view to creating foresight strategies and policies to create mechanisms whereby Asia and Europe can mitigate future crises.
The key objective will be to carry out research and facilitate dialogue on how to prepare for future crises, creating effective strategies, improved coping mechanisms and future orientated solutions based on the current crises to mitigate future crises in Asia and Europe.
Specifically, the workshop aims to:
- Examine the current mechanisms of regional financial integration in the two regions;
- Examine the existing coping mechanisms & future initiatives to strengthen regional financial integration
- Provide key policy recommendations to ASEM Finance
- Ministers meeting and ASEM summit in 2012
- Disseminate the outcomes of the project to a wide and influential audience of policy makers
- Build partnerships and improve synergies between Asian and European experts and institutions
- Map and identify areas for future research collaboration amongst partners
- Contribute towards the Asia–Europe Outlook report to be published in 2012