Regional Financing Arrangements Post-Crisis: An Emerging Role in the Global Financial Architecture?
Since the start of the ‘global financial crisis’ (GFC) in 2008, voices have been raised to increase regional financial cooperation as a way to manage regional and global crises and to deal with challenges related to globalization. Regional cooperation measures are supposed to make countries’ economies stronger in the short term, lead to less dependence on exports in the medium term and strengthen regions’ economic and financial resilience in the medium to long term (Sussangkarn, 2009). Regional financial cooperation is part of a bigger regional picture. For a region to evolve from a passive object to an active subject capable of expressing the transnational interests of the region, it has to demonstrate a certain degree of actorship. Such actorship can, according to Hettne (2008, p. 14), be acquired through internal cohesion, external presence, and organized actorness. One of the ways to acquire such actorship as a region and to enhance regional governance is through regional financial cooperation.
KeywordsCentral Bank International Monetary Fund Member Country Global Financial Crisis Political Trust
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