Grasp the Post-crisis Era Regional Economic Cooperation New Trends
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European sovereign debt crisis, the prospects for regional economic cooperation in Europe is not only about Europe itself, will also lead to other parts of the world's attention. Particularly in East Asia is concerned, just in regional cooperation to achieve some results. How to rely on reality, and steadily promote cooperation in the region, for now, should focus on the following two aspects: First, the regional final consumer market building, which is the basis for regional cooperation in East Asia; Second, the deepening of regional financial cooperation This is an important guarantee for regional cooperation in East Asia.
No doubt the European sovereign debt crisis of the world economy out of crisis has just brought new risks, international trade, global banking and global capital flows are likely to face a new shock. Not only that, there are comments that the debt crisis of the European regional integration seems to be evolving into a crisis.
Former Federal Reserve Chairman Paul Volcker, the U.S. national research council primary other economists believe the euro zone Stein might collapse. Even German leaders in the outbreak of the Greek sovereign debt crises have raised the idea of the Greek expulsion from the euro zone.
However, the review history of World War II, from the earliest to the Coal and Steel Community and the European Monetary System, then the European Common Market and the single currency was officially launched in Germany, France led Europe has become a model for regional economic cooperation . Therefore, the debt crisis the prospects for regional economic cooperation in Europe is not only about Europe itself, but will also lead to a desire to regional cooperation in other parts of the world attention, particularly in regional cooperation in East Asia has just made some achievements, this is particularly important.
Can not deny the debt crisis of regional cooperation in Europe
We believe that, despite the development of European integration, many problems still exist today. However, the locality of its internal crisis alone to deny the significance and prospects of regional integration, and undesirable.
First, the crisis is the norm in European cooperation. History of European integration has been half a century, of which 60,70 are also due to the 20th century, the internal conflicts and collapse of the Bretton Woods system stalled; 1992 Britain from the European monetary integration, and a few years ago, "the European Constitution Treaty "referendum rejected in many countries is also to Europe's regional cooperation under attack.
However, these have not been able to stop moving in the direction of integration into the European countries. Can even be said that the European economic integration is in such a self-correcting and ever abandoned in the breakthrough. For example, when the Bretton Woods system of fixed exchange rate system after the demise of Europe and created a "snake", for the euro after the European monetary system and laid the foundation for the birth. "European Constitutional Treaty," two years after being rejected in Europe launched the "Lisbon Treaty", and finally passed.
Second, the exit costly cooperation. Regional integration mechanisms defective endogenous potential conflict, but it is for the prevention and protection to withstand the crisis can not be ignored. 1992 after the establishment of the North American Free Trade Area in 1994, the debt crisis in Mexico, the United States spend 50 billion U.S. dollars in full relief, the crisis can be resolved soon. Greater degree of integration of European countries, the regional cooperation in the prevention of crisis may be more important.
Cooperation and even backwards because once the collapse of the inevitable need to re-create the national currencies and valuation, it will not only bring enormous switching costs, economic and trade relations within the region will also be back, and economic turmoil will inevitably lead to massive capital flight. As a result of the euro zone economies are not with this decoupling, and a recession. Political costs from the point of view, once the member out of the euro, and its political credibility of the EU and Europe will be greatly damaged, the consequences are very serious.
Third, regional cooperation, the foundation is still solid. Eurozone go, the key still lies in the attitude of the core countries. Germany, for instance, since the inception of the euro, Germany's global trade surplus from 1999 to 720 billion U.S. dollars up to 2007, 2,700 billion dollars, from the European Union's trade surplus by 60 billion U.S. dollars in 1999 up to 2007 1,700 billion, which shows about two-thirds of global trade surplus in Germany within the EU, while Germany's trade surplus increased to the EU depends largely on the monetary integration in bringing down transaction costs and trade barriers cancellation.
Collapse would greatly damage the euro itself Germany's interest is more important is that Germany and France, with the euro area and the EU, increased its global political economic system and the influence of competitiveness on the global market, which is the euro area the biggest beneficiary of this decision will continue to promote their economic integration process in Europe. |
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By :
Jessie Stone
Submitted
2010-10-21 03:38:07 |
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