Asian Turbulence: A Case Study in Economic Security

Abstract

When the second Asia-Europe meeting took place in London in April 1998, the EU`s economic motivation of building strong links with Asia was challenged by the ongoing Asian economic crises that broke out in mid-1997. The political and social turmoil that ensued in many East Asian economies not only urges the re-examination of the East Asian economic miracle, but also reprioritizes the regional agenda and thus embarks on a new environment for Asia-Europe co-operation. The impact of this Asian turbulence on the establishment of the long-term Asia-Europe equal partnership in general and the ASEM process in particular are addressed in this book, based on the conclusions of the 1998 Asia-Europe Co-operation Forum. The aim of this book is to examine the background causes, responses, prospects and lessons of the first wave of financial crisis in Southeast Asia, and to then move on to an analysis of developments in Asia-Europe co-operative relations after the onset of the crisis. It examines the importance of continued interregional economic co-operation between ASEAN and the EU, looks at the economic impact of the 1997/98 East Asian financial crisis on the EU and analyzes the economic fabric of ASEM. In the final chapter, the book explores how the ASEM process has furthered the development of interregionalism in world affairs and discusses how the crisis has led to uncertainty for the organization`s future development.