This book looks at East Asia's monetary and financial integration
from both Asian and European perspectives. It analyzes the Euro
area's framework for monetary policy implementation, introduced in
1999. It reviews the efforts to foster regional monetary and
financial integration and relates them to Europe's own evolution.
It highlights successes and failures in both cases and offers a
careful assessment of the state of play. A central theme of the
volume is that the East Asian reliance on markets is not enough to
promote the kind of deep integration that Europe has achieved and
that provides protection against exchange rate turbulence. The
implications of the recent global crisis are also examined.
Written by two of the foremost monetary experts on Asia and Europe,
this book will be an invaluable aid to students and academics
interested in the relevance of the European experience to the
debates about monetary integration in East Asia.
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