Europe and Asia – An Undeniable Connection |

Europe and Asia – An Undeniable Connection

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The global economic outlook has deteriorated strongly over the last months and the crisis situation in the Euro Area has a firm grip on financial markets and European economies alike. However, while many argue that most of the blame for the current difficulties goes to European policymakers - which is certainly warranted to some degree - this exclusive focus on the "old continent" seems somewhat misplaced. Whilst the world is very interconnected, this is no straightforward explanation of the fundamental causes for the current malaise. Spectacular economic growth in Emerging markets, predominantly in Asia-Pacific, has been crucially facilitated by large pools of savings and the existence of vast export markets in Europe. Europe remains a large externality for other regions, but at the same time these countries have to deal with significant homemade problems. The fiscal cliff debate in the US or the rebalancing of the economic growth model in many Asian countries, coupled with demographic challenges, equally weigh on growth rates. Structural adjustment thus has to be part to the solution not only in weak, peripheral Euro Area countries, but also in stronger ones - be it in Europe or outside of it. The future of the global economy will be shaped by how such interconnecting, cross-border challenges will be addressed. Europe and Asia thus have a great opportunity to jointly contribute to putting the global economy on a more solid footing.

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Dr. Axel A. Weber, Chairman, Board of Directors (BoD), UBS AG; Former President, German Bundesbank

Friday, 21 September 2012
12.15 p.m. - 1.30 p.m.

Level 3, Block B,
Faculty of Law,
NUS Bukit Timah Campus
469G Bukit Timah Road
Singapore 259776

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