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Journal of Economic Integration 2012 June;27(2) :291-311.
DOI: https://doi.org/10.11130/jei.2012.27.2.291
Throwing Out the Baby with the Bathwater? Implications of the Euro Crisis for Asian Monetary Integration
Barry Eichengreen 
University of California, Berkeley
Copyright ©2012 Journal of Economic Integration
ABSTRACT

Proponents of Asian monetary integration have always looked to Europe for inspiration. This paper reconsiders the cas in light of the eurozone crisis. I ask what aspects of the earlier consensus remain intact in the wake of the crisis and what aspects must now be rethought. Is there a danger of "throwing out the baby with the bathwater" - a danger, in other words, that Europe's negative experience since 2009 will cause Asia to turn away too quickly and completely from monetary integration? Or is it in fact appropriate to "throw out the baby" - to conclude in light of Europe's example that Asian monetary integration is not an appropriate and desirable goal?

JEL Classification: F0, F20

Keywords: Euro Crisis | Asian Monetary Integration
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