During the first half of its 2006 EU presidency Austria organized a high level exchange between officials from Europe and Asia, which RBWC supplemented with an event focused on the effects of globalization on Asian and European countries. This meeting was structured not only around the theme of the macroeconomic relations between Europe and the Asian countries but also on the topic of the emerging new division of labor and its impact on delocalization.  The seminar addressed in detail the issue of global imbalances and the way to resolve disequilibrium in the international monetary system and participants emphasized the importance of understanding the need for international cooperation among the different areas of the world.