This report reviews the emerging experience with the economic crisis emanating from the Euro area to draw implications of such situations for Asia and ADB. It draws on analysis within the ADB, in other international financial institutions (IFIs), and in the research community, with particular attention to the lessons from evaluations of past crises and IFI responses to them.
The paper presents the following conclusions:
The evidence suggests that the probability of a major crisis in the Euro-zone over the next 12 months is not insignificant.
The evidence also points to substantial spillover risks to Asia from such a crisis. However, risks vary notably across Asian countries, and these countries can do much to mitigate these risks.
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