This can be defined as “a grouping of separate sovereign states who pool their sovereignty and resources and coordinate their policies as an instrument for collective decision making and collective action to achieve the goals of socioeconomic development”. This would give them the political, technical and administrative capacity to collectively address the threats to their sovereignty and future prospects.
While the taper tantrum in 2013 sparked a transitory rise in risk aversion, the market mood really changed around mid-2014 as previous trends reversed, including a contraction of portfolio investment inflows in the second half of the following year, something which had not been seen since the global financial crisis.