Research Papers

For almost a decade the experiment of the euro was considered an epoch-making event by Chinese financial elites. They saw in European Monetary Union (EMU) a role model for regional monetary integration and the internationalisation of different currencies alongside the dollar, including the Chinese Renminbi. In general, Chinese policymakers and financial elites considered European integration an unstoppable one-way process. They believed in a strong and united Europe which could function as a harbinger in the perceived transition from US unipolarity to a multipolar world order. Has the current sovereign debt crisis in the Eurozone changed this general perception? Have Chinese financial elites lost faith in the European project? This paper will try to answer this question by comparing perceptions on the euro of financial elites in China before and after the financial crisis. The methodological approach will be based on a comparative analysis of fieldwork interviews conducted in Spring 2009 and in Spring 2012 (as planned). This empirical material will be triangulated with further evidence collected through a review of the secondary literature, official documents and speeches, and press reports. Once the different perceptions have been compared and analysed, the paper will try to highlight the implication of these perceptions for the development of the strategic partnership between the EU and China.