Japan-China-Korea (A3) Conference on Monetary and Financial Cooperation in the Region

As Asia is facing a tough time, efforts to accelerate Asian economic and financial cooperation is necessary more than ever. On top of this, what was believed to be a good model in Europe is now crumbling down. It is disheartening to see that what Asia could possibly have become now no longer looks so realistic. Many have been working on regional cooperation since the Asian financial crisis of 1997, although it is difficult to be optimistic about the future of Asian economic cooperation.

The problems facing Europe are vast and worth discussing in order to give perspective on the situation in Asia. However, the current status in Asia reflects a different set of problems. Unfortunately, it has been realized that the European model cannot be used successfully in Asia as it has very different monetary and exchange rate regimes and problems with movement of capital, labor, and technology.

In the July issue of the RIETI Report, we present the "Japan-China-Korea (A3) Conference on Monetary and Financial Cooperation in the Region" held in our office on May 24, 2012 in which leading experts from the three countries exchanged their views on the subject as well as the importance of having an Asian regional safeguard due to observations from the European financial crisis. The main topics of the conference include the impacts and lessons of the Euro crisis from East Asian perspectives, long-term and forward regional cooperation issues, and a panel discussion of experts offering their comments and suggestions.

To read the summary:
http://www.rieti.go.jp/en/events/12052401/summary.html