Asia intends to use the crisis to better bounce
The financial crisis has undoubtedly reduced the weight of the United States and Europe to Asia. Suddenly, the latter will take the opportunity to strengthen its influence in the world.
From this Friday until Sunday evening, leaders of ten ASEAN countries (Association of the South-Eastern Asia) met in Thailand. They are joined this morning by China, Japan, South Korea, India, New Zealand and Australia. Countries whose recovery from crisis is much faster than in the West and for many of them are already preparing to abandon their recovery plans.
All concerned now the weak dollar, which they provide relief whenever necessary.And none of them has any interest in seeing the U.S. financial system to deteriorate, while exports remain the primary engine of growth.
"Stress tests" for Chinese banks
But the crisis was already moving lines. The model was that the United States absorb massive exports to Asia is in the process of shifting. In China and India, consumption explodes and is progressively taking over from the American buyer. ASEAN and its 600 million consumers will take over.
However, to enjoy the recovery, Asia should not repeat the mistakes of the Americans. Beijing has understood that today called for Chinese banks to conduct stress tests, stress tests each quarter to better manage credit and liquidity supply in the country.
It must also strengthen its cohesion.If in ten years exports of ASEAN have been multiplied by three, 1 700 billion, and its trade with China by ten, the regional bloc to just build a true economic community. Theoretically scheduled for 2015, it would then be extended to China, South Korea and Japan.
A dream which currently faces the political weakness of ASEAN. Nobody can believe the Committee on Human Rights that it has put in place, while Burma is a dictatorship where every opponent is going to jail and that Laos and Vietnam are two blocks Communists closed.
But Asia is a force. She has already lived through the 1998 crisis and emerged stronger than before.
"The Chinese economy is running at full speed
"Tokyo is seeking a new motor recovery
- "The banks are not healthy enough"
- Tokyo in the green, Shanghai doubt
- The South Korea Stock Exchange to a record
- U.S. legislators to war against the yuan
- The new standards imposed on banks