Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/101242
Authors: 
Volz, Ulrich
Year of Publication: 
2012
Series/Report no.: 
ADBI Working Paper Series 347
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.
Subjects: 
european crisis
euro area
european monetary union
financial integration
east asia
JEL: 
E42
F33
F36
G01
Document Type: 
Working Paper

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