Analysis of Brexit and its policy lessons for Asian integration

Donghyun Park, Cynthia Castillejos‐Petalcorin and Jungsuk Kim

Asian-Pacific Economic Literature, 2020, vol. 34, issue 2, 20-38

Abstract: Galvanised by the devastation of the Second World War, European countries achieved a historically unprecedented and unparalleled level of regional economic integration in the post‐war period. Intensive cooperation between the two biggest powers of continental Western Europe, France and Germany, lay at the core of Europe's seemingly relentless momentum towards integration, crystallised by the European Union (EU). The Franco‐German alliance also provided strong eadership and sense of direction for the EU, which gained further traction with the admission of Central and Eastern European states after the fall of communism and the establishment of a monetary union among many of its members. However, more recently, the European integration process no longer seems unstoppable or inevitable. Most shockingly, the United Kingdom, a core EU member and the EU's third largest economy, has opted to leave the union, triggering the ‘Brexit’ process. Nor is Brexit the only sign of growing fractures within the EU. The current standoff between the EU and Italy over Italy's unwillingness to rein in its fiscal deficit is just one additional example of the loss of momentum. The central objective of the paper is to examine EU's past successes and current problems from the perspective of Asian countries, in particular ASEAN+3 countries that have achieved some measure of integration, although well below that of the EU. Both past successes and current problems hold valuable lessons for ASEAN+3 countries as they chart their own course towards regional integration. Given that the level of integration among ASEAN+3 is much lower than that of the EU, it would be unwise to draw lessons, positive or negative, without the proper context. Nevertheless, the European experience can provide valuable insights for Asia's integration process.

Date: 2020
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