從一九九七年七月起爆發的東亞金融風暴，似乎徹底摧毀東協各國過去十多年以 來所建立的經濟成果及信心。本文將從區域整合理論分析為何東協在歷經二十餘年的成功之 後會發生現階段的危機。過去東協並沒有隨著時間往區域整合的進程逐步邁進，而是滿意於 鬆散的區域論壇組織之結構；甚至時有遷就各國利益而產生退化現象，以至於在發生金融危 機時毫無應對措施。

　　　　　The financial crisis that began in Thailand in early July 1997 rapidly spread across the whole of East Asia and has become the biggest global economic crisis since the Great Depression of 1929. This article uses regional integration theory to explain ASEAN's failure to cope with the financial crisis. During the last fifteen years the ASEAN countries did not do much in improving their regional cooperation and integration. Instead, they, remained satisfied with their economic and political status quo. Some ASEAN countries even used this regional organization to get economic benefits, yet usually at the expense of regional strength. After the financial crisis, ASEAN will need time to recover and rejuvenate. The formal rules of game within ASEAN will gradually change so as to meet the new international economic order.