Keynote Speech given by Dr Claes Belfrage at International Seminar
24.10.2012 –
Brasilia, Brazil
Dr. Claes Belfrage, Lecturer in International Business, School of Management, gave a keynote speech on the topic of “Challenges for
strengthening Mercosul financial integration process – lessons from the European experience” at an International Seminar hosted by the Brazilian Central Bank in Brasilia, Brazil. The seminar was organised so as to provide a platform of ideas for reconsidering Mercosul financial market integration in the light of the struggles experienced as of late in Europe.
European integration is a process that divides opinion, not least in light of the current crisis and policy regime of austerity measures. Despite its critics, however, integration has rendered war within the previously so war-struck continent decreasingly plausible. While the timing is controversial, the European Union has in recognition of this success been selected for this year’s Nobel Peace Prize. Indeed, it has achieved a remarkable degree of integration in a short period of time despite the continued prevalence of national sovereignty. In fact, it is often argued that a key driver for European integration is to preserve distinctly European interests, values and models in the face of growing global pressures of competition. Beyond Europe, this has been the foremost model inspiring regional integration. This includes the much younger region of Mercosur/Mercosul comprising Argentina, Brazil, Paraguay, Uruguay and Venezuela. As a result of the current profound crisis of European integration, regional organisations, like Mercosur, have entered a moment of reflection asking a set of challenging questions. What, despite its current travails, can we learn from the European experience? How should we proceed with regional integration without the European roadmap.
Claes Belfrage’s talk sought to assist in this reflection process by highlighting key developments in European financial market integration
and positioning them within the historical evolution of European integration.
Claes Belfrage is lecturer in International Business in the School of Management and a specialist on European political economy. He has written extensively on financialisation in the cases of Sweden and Iceland. He is also co-chair of the Council for European Studies (Columbia University) research network “European Integration and Global Political Economy”.