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Regional Integration in the Global SouthMERCOSUR

Regional Integration in the Global South: MERCOSUR [Brazil is one of the global market’s rising powers and it increasingly engages in global governance. Next to its international visibility, Brazil is the regional power of South America and therefore its contribution to the Common Market of South America (MERCOSUR) is crucial for the success or failure of regional integration. Yet, Brazil is the country in MERCOSUR for which extra-regional economic relations with the EU and the USA are most important compared to its regional neighbours Argentina, Paraguay and Uruguay. As a result of these extra-regional interests, Brazil’s behaviour towards MERCOSUR is volatile. It swung from cooperation during the early 1990s to defection from regional integration at the turn of the millennium. After this defection, MERCOSUR’s regional integration stagnated, and Brazil started to cooperate outside of the regional organization by establishing UNASUR and by launching a Strategic Partnership with the EU. This chapter explains why Brazil initially pushed the establishment of MERCOSUR’s customs union, but then devalued its currency unilaterally and refused any kind of monetary coordination in the face of the Argentinean crisis in 1999. Brazil’s behaviour during that crisis provoked long-term problems for regional integration in MERCOSUR which could not regain the dynamic it had during the 1990s.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Regional Integration in the Global SouthMERCOSUR

Part of the International Political Economy Series Book Series
Editors: Krapohl, Sebastian
Meissner, Katharina L.
Regional Integration in the Global South — Nov 26, 2016
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31 pages

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Publisher
Springer International Publishing
Copyright
© The Editor(s) (if applicable) and The Author(s) 2017
ISBN
978-3-319-38894-6
Pages
147 –178
DOI
10.1007/978-3-319-38895-3_6
Publisher site
See Chapter on Publisher Site

Abstract

[Brazil is one of the global market’s rising powers and it increasingly engages in global governance. Next to its international visibility, Brazil is the regional power of South America and therefore its contribution to the Common Market of South America (MERCOSUR) is crucial for the success or failure of regional integration. Yet, Brazil is the country in MERCOSUR for which extra-regional economic relations with the EU and the USA are most important compared to its regional neighbours Argentina, Paraguay and Uruguay. As a result of these extra-regional interests, Brazil’s behaviour towards MERCOSUR is volatile. It swung from cooperation during the early 1990s to defection from regional integration at the turn of the millennium. After this defection, MERCOSUR’s regional integration stagnated, and Brazil started to cooperate outside of the regional organization by establishing UNASUR and by launching a Strategic Partnership with the EU. This chapter explains why Brazil initially pushed the establishment of MERCOSUR’s customs union, but then devalued its currency unilaterally and refused any kind of monetary coordination in the face of the Argentinean crisis in 1999. Brazil’s behaviour during that crisis provoked long-term problems for regional integration in MERCOSUR which could not regain the dynamic it had during the 1990s.]

Published: Nov 26, 2016

Keywords: Member State; Foreign Direct Investment; Regional Integration; Regional Power; Regional Cooperation

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