Despite these significant efforts of institution-building and legal harmonisation, there is a sense that the cross-border integration of financial markets in Europe remains incomplete compared to, for instance, the United States. [1]  Incomplete cross-border integration of financial markets may impede investment opportunities for households and firms and an efficient allocation of assets across countries.
Asia is one of the regions that has benefited most from post-war financial and economic globalization. In this age of uncertainty, the search for a new "global order" continues. This brings both challenges and opportunities for the Asian region, and expectations for the region to contribute to the global debate are high.