The Asian crisis and the EU's global responsibilities

Abstract

The effects of the economic crisis which rocked east Asia and sent repercussions throughout the world in 1997 and 1998 are still being felt across the globe. Dr Yao-Su Hu, a former Economist at the World Bank, examines the causes of the crisis as well as the international community's response before suggesting ways in which the European Union might react to future crises. Dr Hu presents a chronology of events and examines the nature and essence of the crisis taking in its economic causes, and examining the social and political costs. He argues that European interests were deeply involved in the Asian crisis, and that the world should have expected Europe to assume an active role in tackling the problem. However the Europeans were very weak in the system - in contrast to the USA which wielded unquestioned predominance in the International Monetary Fund's response. - Back cover.