External authors

David Vines

Professor of Economics, University of Oxford

David Vines is Professor of Economics at the University of Oxford. His research has focused on: (a) Fiscal and monetary policy within the European Monetary Union and its implications for the reform of the Stability and Growth Pact in Europe; (b) International Financial Crises, and the implication of these crises for reform of the crisis-management process at the International Monetary Fund; (c) The implications of the fall of the dollar, and of Chinese exchange-rate policy for the reform of the international monetary system.

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External Publication

Don’t let the euro-area crisis go east

The European Union is committed to strengthening its partnership with China, as demonstrated by the fourteenth EU-China summit, to take place in Beijing on 14 February 2012. The EU will be represented by Herman Van Rompuy, President of the European Council, and by José Manuel Barroso, President of the European Commission. The People's Republic of China will be represented by Prime Minister Wen Jiabao. EU Trade Commissioner Karel De Gucht will also attend. On Thursday 2 February Chinese premier Wen Jiabao signalled intention to move towards helping the euro area extricate from its trouble and declared that China was “investigating and evaluating concrete ways in which it can, via the IMF, get more deeply involved in the European debt problem”. Why is China, and more generally Asia, taking this stance? A new paper by Jean Pisani-Ferry together with European and Asian colleagues from the Asia-Europe Economic Forum (AEEF) discusses the implications of the euro crisis for Asia, reasons for Asia-Europe cooperation in solving it, and obstacles on the way to this cooperation.

By: Agnès Bénassy-Quéré, He Fan, Masahiro Kawai, Tae Joon Kim, Yung Chul Park, Jean Pisani-Ferry, David Vines and Yongding Yu Topic: Global economy and trade Date: February 3, 2012