East Asian Regionalism: Perspectivess, Realities and the Future

Since the start of the Association of South East Asian Nation (ASEAN) Plus Three (APT) initiative in 1997, East Asian regionalisms seem to have progressed and an East Asian Community is just around the corner. In spite of all the pessimism brought about by the 1997 Asian financial crisis, East Asian political frameworks are in place, East Asian regional production networks are the most integrated in the world, and regional financial initiatives have taken off.From a financial integration, financial regulation, and education perspective, however, East Asian regionalism has either stagnated or even regressed. Furthermore, US re-engagement in the region and the increased tension over the South China seas tend to challenge further developments in East Asian regionalization outside of the economic space. This paper is a mini-scoping study to present the realities that East Asian regionalism is still lap-sided: economic regionalism is highly developed, while other key components (regional financial and financial regulation integration, education collaboration, and a regional political framework) are developing at a slower rate, stagnating, and/or regressing. It aims to present the reality of East Asian regionalisms, provoke awareness of false perspectives, and present a recommendation towards a balanced and more sustainable East Asian regionalism and the formation of a real East Asian Community.