Regional IntegrationI35004 SHINJIEUN

”Moments of reflection backward

1958

EEC

1992

The treaty led the creation of the euro

Maastricht Treaty

1999 2015

EURO

Regional organization aimed to bring about economic integra-tion between its member states

QWhat manner do you think Eurozone crisis

would affect European integration?

1999 Euro

ECB and the Euro system explained in 3 min

Money can influence on countries identities.

Euro built a foundation of ‘Eu-rope’s common values and belief. It was ‘social construct’ Among Eurozone.

Debt to GDP ratio

APainful, but positive

Europe’s bleak outlook(est.2015)

Scariest Graph in the World

When young people lose faith in the economy, political chaos usually follows

ImbalanceProblem

Imbalance

Two power 동상이몽 同床異夢Problem

IMF role is more important EU is the first part

If IMF has bigger role, it can be a risk to EU

Two power 동상이몽 同床異夢

”Reason for optimism

EFSF

ESM

European Fiscal Compact

http://www.sachverstaendigenrat-wirtschaft.de/fileadmin/dateiablage/download/publikationen/arbeitspapier_08_2013_engl.pdf

European Semester

http://ec.europa.eu/europe2020/making-it-happen/index_en.htm

QWhat are the main differences and similarities

between the European Union and regional cooperation in Asia?

Similarities

Strong common interest in an open international economic and financial system

Poor in natural resources

Both regions have complex models of society, which put a high price on the need to control the forces of globalization.

Complex models of society

Both regions have been hit in the ninties by serious economic, currency and banking crisis.

Economic crisis

https://www.mof.go.jp/english/international_policy/convention/asem/tyou059.pdf

#1 Growth rate

https://www.imf.org/external/pubs/ft/reo/2015/apd/eng/pdf/areo0415.pdf

Difference

http://ec.europa.eu/economy_finance/eu/forecasts/2014_autumn/20141103_autumn_forecast_2014_en.pdf

#2 Historical Reconciliation

http://www.abc.net.au/news/2015-11-01/south-korea-china-japan-vow-to-strengthen-ties-at-summit/6903686

http://www.eucentre.sg/wp-content/uploads/2013/06/BB08-50yearstwinengine.pdf

Difference

Difference#3 Trade integration

FTANon-tariff

Customs union

Single marketCommon market

EEC 1958

中 - 韓 FTA2105

QDo you think regional integration of European kind

can be replicated in Asian region?

I am not sure but they have to

Jean MonnetOnly union between men can ensure peace and prosperity

A