The growth in resilient economy of Asia led by China and increasingly shared by India is a process attracting huge international attention. Chinese exports of mass production items have caused serious concern; and some studies have predicted that this might contribute to recession in the US (Palley 2004).
In contrast to this negative perspective, the focus in the Asian region has been on the opportunities for economic and financial integration and the possible strategies to tap them (Kumar 2004).
The expansion of these two economies may be compared with the growth of economies in the European Union. It may be noted that integration of the European Union has immensely benefited Member countries, and some of the slow-growing economies have gained strength from the regional arrangement.
