REGIONS AND CRISES: EUROPEAN AND ASIAN ECONOMIC GOVERNANCE

Macro-regions are experiencing regional crises. Interestingly, macro-regions are also able to react in terms of policy responses. This article addresses economic governance against the backdrop of two macro-regional cooperation models, in the European Union and in ASEAN. Economic governance is arguably the critical missing element in the current economic globalisation. The gap between market-driven sources - which contributed massively in the last decades to welfare gains globally, and to Asia in particular –and suboptimal regulatory coordination is a risky element. There is an absence of efficient economic governance or cooperation at the macro-regional level and globally. The European Union and ASEAN are examples of two different models of economic governance. Both of them represent an unfinished project. Nevertheless, they both offer experience from which global economic governance or economic governance in other macro-regions can benefit. In the end, the question is not whether there is a need for global economic governance but rather: governance of what, between whom and how far it should go.