Suchergebnisse

Abstract.  Trade integration has advanced far in East Asia whereas financial integration has been lagging. Important policy initiatives have, however, been taken. This process will eventually require further relaxation of cross‐border capital controls, which in turn will make exchange rate stabilisation schemes more difficult to operate. These developments seem to run counter to the perceived need to promote intra‐regional exchange rate stability in order to maintain trade integration. However, it would be risky to impose regional exchange rate stabilisation schemes over an indefinite period. Monetary union could still be a worthy objective, but near‐term exchange rate stabilisation should not be part of the road map.

On February 12, 2010, SUERF, the Oesterreichische Nationalbank and the Bankwissenschaftliche Gesellschaft continued their established tradition of jointly organised conferences. As evidenced also by the 115 conference participants, this year's subject of "Contagion and Spillovers – New Insights from the Crisis" turned out to be particularly topical, as first lessons from the financial crisis and global recession were being drawn, while concerns about Greece's government debt problems were threatening to spread to other countries within the euro area, with potential negative repercussions for the euro area as a whole being feared by observers.