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Shaping Policy Reform and Peer Review in Southeast Asia

Integrating Economies Amid Diversity

image of Shaping Policy Reform and Peer Review in Southeast Asia

The Southeast Asian region has experienced remarkable economic dynamism in the past few decades. An interesting feature of recent developments in the region, is that in spite of its diversity, several initiatives have been launched towards integration.

The peer review mechanism has been a tried and tested instrument for OECD member states to work together successfully over the past decades. This tool could benefit the Southeast Asian region as it helps identify good practices, establish standards and principles and ultimately improve the performance of participating economies. This publication presents the proceedings of a conference in which  the possible application of peer reviews to address regional and domestic challenges in Southeast Asia were discussed.

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Belgium's Experience of OECD Peer Reviews

Peer review systems spring from the grim European experience of the interwar years between 1914-18 and 1939-45. Throughout the Great Depression, which first bit in 1929, each and every government in Europe sought to export its adjustment costs by implementing such policies as competitive devaluation and tariff increases. The outcome was a depression that was far worse than it needed to be, because the nations of Europe failed to respond in a co-ordinated manner. By the end of the 1930s it had become clear that no government could ever again hope to vanquish economic crises without considering what its neighbours could do.

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