Reforms in Economic Governance of Eurozone after the Debt Crisis and Lessons for Korean Economy

6 Pages Posted: 7 Sep 2013 Last revised: 24 Oct 2013

See all articles by Yoo-Duk Kang

Yoo-Duk Kang

Korea Institute for International Economic Policy

Kyuntae Kim

Korea Institute for International Economic Policy

Tae Hyun Oh

Korea Institute for International Economic Policy

Hyun Jean Lee

Korea Institute for International Economic Policy

Cheol-Won Lee

Korea Institute for International Economic Policy

Date Written: March 14, 2013

Abstract

This study analyzes the causes of the European debt crisis and reviews reforms the eurozone has pushed for in order to solve the crisis. It also focuses on the future prospect of economic governance of the eurozone. European debt crisis has spread over the entire eurozone despite the bail out of Southern European countries. Greece, Ireland, and Portugal were bailed out and since the second semester of 2011, Italy and Spain have been under the pressure of a potential debt crisis due to their soaring bond yield rate. During the early period of the crisis, the eurozone focused on providing liquidities to Greece. However as the crisis affected other countries one after another, eurozone’s responses have become more comprehensive, recognizing that the crisis is related to insolvency beyond liquidity crisis.

Suggested Citation

Kang, Yoo-Duk and Kim, Kyuntae and Oh, Tae Hyun and Lee, Hyun Jean and Lee, Cheol-Won, Reforms in Economic Governance of Eurozone after the Debt Crisis and Lessons for Korean Economy (March 14, 2013). KIEP Research Paper No.World Economy Update-13-09. Available at SSRN: https://ssrn.com/abstract=2320925 or http://dx.doi.org/10.2139/ssrn.2320925

Yoo-Duk Kang (Contact Author)

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Kyuntae Kim

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Tae Hyun Oh

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Hyun Jean Lee

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Cheol-Won Lee

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Register to save articles to
your library

Register

Paper statistics

Downloads
35
Abstract Views
376
PlumX Metrics