This book shows how regional cooperation and integration have
increased massively in scale and scope in recent years, as
developing countries seek new ways to shield themselves from
economic turbulence and to kick-start their economies in the face
of stagnant global demand. The trend is partly a defense mechanism
against the limitations of the international financial system, but
also reflects a wider search for new and different growth paths
more appropriate with developing countries' increasing economic and
political voice. As a consequence, the landscape of financial and
monetary mechanisms has changed dramatically, especially in the ten
years since the economic crisis of 2007-2008.
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