Key Paper 1 2
Regional economic integration in a global framework
By-Tommaso Padoa-Schioppa
Regional economic integration is among the topics of the global arena, which importance is currently rising first. Even few years ago, it is not so discussed topics. For worldwide cooperation, ensuring regional cooperation is mandatory predicts by experts in this area. It is not key discussed issues in Europe or Asia but in Africa, Middle east and several other parts of the world.
Within Asia, China obviously play dominant role in Shaping the politico-economic issues of this region.
The main driving forces of this integration is globalization, because of which economic and financial activity across borders spread in faster rate.
Gravity models and Optimum Currency Area theory somhow better explain the extremity of ecomomic and financial linkages between countries whether bilaterally or multilateraly
There is increasing evidence of a self-reinforcing mechanism to regional integration, these gather strengths and power and relies on economic, political and institutional support.
As trade and capital integration increases various macro and micro economic factors plays important role and sometimes works as barriers in the way of fostering regional integration.
The initial motivation and driving forces always been a major catalytic events for regional integration-a political or military crisis, financial crisis, resource crisis, capital crisis or common endowments related to common shocks, which tells that the nation states are not individually capable of dealing with this issues.
EU neighboring regions:
Commonwealth of independent states(CIS), which is very close proximate of EU which is formed after the dissolution of soviet union has gradually spreading its wings in this area and it is optimistic able that, it will gain pace in the coming years with higher economic stability. For the region south and South east of the EU, Middle east and North Africa, economic integration is traditionally
By-Tommaso Padoa-Schioppa
Regional economic integration is among the topics of the global arena, which importance is currently rising first. Even few years ago, it is not so discussed topics. For worldwide cooperation, ensuring regional cooperation is mandatory predicts by experts in this area. It is not key discussed issues in Europe or Asia but in Africa, Middle east and several other parts of the world.
Within Asia, China obviously play dominant role in Shaping the politico-economic issues of this region.
The main driving forces of this integration is globalization, because of which economic and financial activity across borders spread in faster rate.
Gravity models and Optimum Currency Area theory somhow better explain the extremity of ecomomic and financial linkages between countries whether bilaterally or multilateraly
There is increasing evidence of a self-reinforcing mechanism to regional integration, these gather strengths and power and relies on economic, political and institutional support.
As trade and capital integration increases various macro and micro economic factors plays important role and sometimes works as barriers in the way of fostering regional integration.
The initial motivation and driving forces always been a major catalytic events for regional integration-a political or military crisis, financial crisis, resource crisis, capital crisis or common endowments related to common shocks, which tells that the nation states are not individually capable of dealing with this issues.
EU neighboring regions:
Commonwealth of independent states(CIS), which is very close proximate of EU which is formed after the dissolution of soviet union has gradually spreading its wings in this area and it is optimistic able that, it will gain pace in the coming years with higher economic stability. For the region south and South east of the EU, Middle east and North Africa, economic integration is traditionally