Archive for November 2012 | Monthly archive page

The ASEAN Economic Community and the European Union’s Experience – The Purpose, the Inception, the Difference, and the Issue

In November 2002, leaders of the Association of the South East Asian Nations (ASEAN) agreed on the proposed creation of an ASEAN Economic Community (AEC) by 2020. This was followed by the adoption of the AEC Blueprint in 2007 along with the affirmed and strong commitment by leaders to accelerate such economic integration by 2015. It is easy or perhaps deceiving for one to compare the AEC with the European Union (EU) with much excitement and enthusiasm for that the name ‘Economic Community’ itself is suggestive to those of the EU’s experience. However, one must realize the difference between the EU and the AEC as confirmed by the Governor of the Bank of Thailand, Dr. Prasarn Trairatvorakul’s address at Sasin Update-Reunion 2011: “The AEC is not, and has no intention of transforming ASEAN into a European style union. We should refrain from perpetuating any grand, Euro-style visions. ASEAN lacks supranational policy-making bodies like the European Central Bank or the European Commission which are required to make such an entity function properly.” → Read more