Analyse: Europäische und asiatische Perspektiven auf globale Ungleichheiten (13. September 2006)

Dieses Arbeitspapier fasst die wichtigsten Schlussfolgerungen des Asiatisch-Europäischen Wirtschaftsforums zu aktuellen wirtschaftlichen Ungleichheiten zusammen. Es analysiert die wachsende Rolle Chinas, die regionale Dimension in Asien und den Beitrag, den Europa zur Bekämpfung der Ungleichheit leisten kann. 

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  Looking at the US external deficit, the fear of an immediate market-driven correction has abated, though the need for a current account adjustment remains. Regarding Asian external surpluses, however, the wisdom of further accumulating dollar assets is 
  
  
  increasingly the subject of debate. 
  
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  Many Europeans still regard China as a country with a strong built-in preference for export-led growth and an undervalued currency, but the export bias is creating distortions in the Chinese growth pattern and the accumulation of dollar assets involves a significant risk to Chinese residents’ net wealth. Overinvesting in the traded goods sector and accumulating surpluses is not in China’s interes
  
  
  t.  
  
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  Whatever the future of regional cooperation, the need to address the intra-Asian repercussions of global adjustment is now recognised.
  
   
  
  
  
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  Just because Europe is not at the origin of global imbalances does not mean that Europe should not be responsive to the problem. Europe will be affected by the pattern, speed and nature of the Asian response and therefore has a stake in how global adjustment proceeds.
  
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  For any multilateral response to be successful, all major players should be adequately and equitably represented. This has strong implications for European representation at the IMF and other multilateral institutions.
  
  

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