Any contemporary story on development in Asia-Pacific begins with reflection on massive gains achieved in the fight against poverty. The incidence of people living on less than $1.25 a day fell from 54.5% in 1990 to 20.7% in 2010, with the number of extreme poor declining from 1.48 billion to 733 million. This precipitous decline in poverty incidence has been accompanied by tremendous gains in access to health and education.
As articulated by Cavoli, Rajan, and Siregar (2004) in their survey of East Asian financial integration, financial integration is a multidimensional process closely associated with development of financial markets.
Regional cooperation and integration (RCI) has played an important role in Asia’s growth and development, and will have to play a role in managing the consequences of this ascendancy going forward.
Regional cooperation and integration is crucial for Asia and the Pacific to reach its economic and social development goals.
A new institution, offering greater development assistance, is badly needed.
Asia should not be dissuaded by the European challenges. Yet, Asia should not rush to integrate either.