ABSTRACT
The economic crisis that hit the world of globalised finance in 2008 is profoundly changing the architecture of global governance. The United States and the European Union (EU) are facing enormous challenges in stabilising their financial markets. Asian economies faced the loss of their most important export markets. Global economic cooperation and regulation are at the top of the agenda of international relations. At ASEM 8 in Brussels in October 2010, ASEM leaders addressed the issue of global economic governance, publishing the Brussels Declaration on More Effective Global Governance. Europe, Asia and particularly the People’s Republic of China (PRC) managed to agree to revise the global financial architecture on an ongoing basis.
