European integration is a work in progress that has been going on for over 65 years. It has had its share of ups and downs, and lately the downs seem to be more visible. The euro crisis has not yet been completely resolved, neither is the end in sight for the refugee crisis, and terrorism continues to grimly strike at intervals. Faster growing economies have begun to see Europe as “just a museum”, unemployment stays high and some of the European banks are experiencing difficulties. Since the decision by the British public on 23rd June 2016 to exit the EU, the other 27 Member States have tried to close ranks but are unable to agree on a definite direction. In light of all this, one is tempted to ask whether the European project is worth all the difficulties, and whether regional integration is desirable or even possible in Asia. A key to answering these questions is to understand what is and isn’t special about Europe. The purpose of this analysis is to clarify these points, in order to derive some meaningful implications to Asian integration.
ASJC Scopus subject areas
- Economics, Econometrics and Finance(all)
- Business, Management and Accounting(all)