ABSTRACT
The 1997-98 financial crisis in East Asia and the launch of the 'euro' in 1999 contributed to various proposals for closer economic and monetary cooperation in East Asia. While sorne proposed to form an Asian monetary union, to establish an Asian currency unit, or to realign japan's yen against the euro and the dollar, others downplayed the probability of establishing an East Asian econornic and rnonetary union. I Whether or not an East Asian economic and monetary union is going to be realized in the future, abundant proposals aiming at enhancing economic cooperation and integration in the region deserve our attention. 2 Why do sorne proposals succeed in implementation, while others remain lofty ideals? What lessons can Asians learn from European integration? Why do regional cooperation schemes in East Asia differ from those in Europe? In this chapter, 1 try to answer the aboye questions by applying the Epistemic Conlmunities Approach (ECA) to differentiate proposals for regional cooperation and integration in Northeast Asia and Europe.
