Impacts of Economic Crises on Regional Integration Process: Lessons from the 2008 Global Economic Crisis and 2010 Euro Zone Crisis

Honest Prosper. Ngowi

Authors

Honest Prosper. Ngowi

Keywords:

east african community, economic crisis, euro zone crisis, regional integration

Abstract

This paper is on the possible impacts of economic crisis on regional integration. It focuses on the possible impacts of the 2008 global financial and economic crisis (GFEC) and the 2010 Euro Zone sovereign debt crisis on regional integration process. The author identifies and analyses various possible ways in which the two economic crises can negatively affect the regional integration process in the East African Community (EAC). These ways include but are not limited to the impacts of the crises on the availability of funds needed for the integration process, derailment of the macroeconomic convergence criteria, and protectionism tendencies among others. It is concluded in the paper that economic crises in general and the 2008 global and financial crisis and the 2010 Euro zone sovereign debt crisis in particular may slow, derail or even halt the regional integration process in the EAC. Areas for further research based in this paper include a need for detailed country-specific empirical case studies to take this essentially theoretical and conceptual paper to the next level.

Downloads

Article PDF

How to Cite

Impacts of Economic Crises on Regional Integration Process: Lessons from the 2008 Global Economic Crisis and 2010 Euro Zone Crisis. (2013). Global Journal of Human-Social Science, 13(33), 25-32. https://socialscienceresearch.org/index.php/GJHSS/article/view/104727

Download Citation

References

F. Ikome (2008) The Social and Economic Consequences of the Global Financial Crisis on the Developing Countries and Emerging Economies: A Focus on Africa - Paper presented at the "Indent- DIE Dialogue on the Effects of the Global Financial Crisis on Developing Countries and Emerging Markets.

IMF - International Monetary Fund (2009) United Republic of Tanzania: Staff Report for the 2009 Article IV Consultation, Fifth Review Under the Policy Support Instrument, Request for a Twelve-Month Arrangement under the Exogenous Shocks Facility, and Request for an Extension of the Policy Support Instrument Informational Annex.

IMF - International Monetary Fund (2009) I. The Impact of the Global Financial Crisis on Sub-Saharan Africa.

C. Kiptoo (2009) Africa Growth Agenda. 6.

P. Krugman (2008) Bad anti-stimulus arguments, New York Times.

E. Mtango (2008) African Growth, Financial Crisis and Implications for TICAD IV.

D. Nanto (2009) The Global Financial Crisis: Analysis and Policy Implications. Congressional Research Service Report for Congress.

H. Ngowi (2001) Can Africa Increase its Global Share of FDI In flows?. 2. http://www.westafricareview.com/war/vol2.2/ngowi.html

H. Ngowi (2001) Attracting New Foreign Direct Investments in Tanzania. 2. http://www.tanzanet.org

H. Ngowi (2009) The Impact of the Crisis on Employment and Official Development Assistance.

H. Ngowi (2009) The Earth in the world of global financial crisis: Is the crisis good or bad for the environment? Some Opportunities and Challenges.

H. Ngowi (2009) The Global Financial Crisis and its Impacts on Investment in Human Capital.

P. Osakwe (2008) Impact of the Global Financial Crisis on Sub-Saharan Africa. https://doi.org/10.5089/9781451949131.073

C. Pass, B. Lowes, L. Davies (2000) Dictionary of Economics, 3rd Edition.

Na WA Fedha, Duniani (2009) Mpango WA Kunusuru Uchumi WA Tanzania Na Athari Za Msukosuko WA Fedha Na Uchumi Duniani.