Lessons for Asia from Brexit: be careful with deep integration

A decade or so ago, there was much discussion in East Asia about what form of economic cooperation, or even integration, was best suited to this part of the world and whether the European Union (EU) could provide a good model - even to the point of achieving monetary, fiscal and political union.

Surveying the mess created by the prospective British Exit or "Brexit" from the EU (although it is still not certain that this will occur, despite last week's referendum in favour of it), Asia's reaction will probably be to shy away in horror at the prospect of a similar muddle.

This would be an over-reaction, however, and what needs to dictate Asia's approach to closer economic and political ties among the countries of the region is a strict sense of pragmatism and a determination to pursue the "golden mean" rather than ideological extremes.