Bruegel: Don’t let the euro area crisis go east

03 February 2012

This paper by Jean Pisani-Ferry, together with European and Asian colleagues from the Asia-Europe Economic Forum (AEEF), discusses the implications of the euro crisis for Asia, reasons for Asia-Europe cooperation in solving it, and obstacles on the way to this cooperation.

There are many reasons why Asia and Europe could and should cooperate to fix the euro area. Unfortunately, one obstacle to cooperation is the lack of a proper institutional framework to host a regular dialogue between Asia and Europe. The ASEM (Asia-Europe Meeting) – an informal process of cooperation and dialogue between Europe and Asia established in 1996 – has not been active enough, and bilateral discussions lack the scope and reach needed to be effective. The AEEF, bringing together experts from both the continents, could play a role in bridging the gap and in providing a high-level contribution to the discussions that must take place.

Full paper

© Bruegel