| ID | 129637 |
| Title Proper | EU-China relations in financial governance |
| Other Title Information | cooperation, convergence or competition? |
| Language | ENG |
| Author | Pardo, Ramon Pacheco |
| Publication | 2014. |
| Summary / Abstract (Note) | The global financial crisis (GFC) and subsequent Eurozone sovereign debt crisis (ESDC) have made reform of the global financial governance regime a priority for governments around the world. Prior to the crisis, neoliberal policies agreed between the European Union and the USA created a financial governance regime based on the principle of free operation of the market through the norms of market self-regulation, equal access to the market, and stability via institutional supervision. How will global financial governance look like after these crises? And what role can the EU and China play in shaping this regime? This article argues that as a result of the GFC and the ESDC, stability is becoming a second principle of global financial governance, along with the free operation of the market. Meanwhile, European and Chinese views regarding the norms, rules, and decision-making procedures designed to implement those principles do not differ as much as they used to. Thanks to interactions at the bilateral and multilateral levels, the EU and China now have knowledge regarding how the other understands the role and characteristics that financial governance should have. This is leading to convergence in some areas and cooperation in others. Concurrently, there are also areas of competition. Analysing all of these is essential to understand how global financial governance might evolve, given the central role that the EU and China now play in this regime. |
| `In' analytical Note | Asia Europe Journal Vol.12, No.1-2; March 2014: p.63-77 |
| Journal Source | Asia Europe Journal Vol.12, No.1-2; March 2014: p.63-77 |
| Key Words | Europe ; European Union - EU ; China ; EU- China Relations ; EU- China Policy ; EU-China Partnership ; Economic Cooperation ; Financial Governance ; Economic Collaboration ; Economic Strategy ; Economic Convergence ; Global Financial Crisis - GFC ; Eurozone Sovereign Debt Crisis - ESDC ; Economic Regime ; Economic Reforms |