Since the end of World War II there has been a nearly universal trend toward regionalism, best represented by the European case and the rise of more than one hundred other regional agreements. This tendency, however, has experienced a particularly steep increase since the 1980s due to significant political and economic developments. The rise of economic and more importantly financial globalization fostered by impressive technological progress is regarded as one of the key factors in bringing about this new wave of regionalism, as it has raised a number of questions regarding governance, negative effects of financial instability and possible responses by states. An analysis of how crises affect power relations will be conducted. In this context, regionalism in terms of trade unions and more importantly monetary unions will be examined as a response to the question of governance of financial instability by the means of the comparative examples of the EU and ASEAN. Moreover, attention will be dedicated to the evaluation of future developments regarding the general trend towards deeper regional economic integration and the rise of regional monetary unions. The key question is as follows: Is economic regionalism to be considered the answer to the risks of financial instability? Does financial instability cause economically vulnerable countries to seek mechanisms to protect their economic power and build a shield in the form of regional economic and monetary integration in order to avert the risks of Globalization that eventually favor strong economies and so attempt a systemic change?
Political Science Department
MA in Political Science
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(2007).Financial instability: is regionalism the answer? [Thesis, the American University in Cairo]. AUC Knowledge Fountain.
Vasconi, Marco. Financial instability: is regionalism the answer?. 2007. American University in Cairo, Thesis. AUC Knowledge Fountain.