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

Author

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  • Kang , Yoo-Duk

    (Korea Institute for International Economic Policy)

  • Kim , Kyuntae

    (Korea Institute for International Economic Policy)

  • Oh , Tae Hyun

    (Korea Institute for International Economic Policy)

  • Lee , Hyun Jean

    (Korea Institute for International Economic Policy)

  • Lee , Cheol-Won

    (Korea Institute for International Economic Policy)

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 & Kim , Kyuntae & Oh , Tae Hyun & Lee , Hyun Jean & Lee , Cheol-Won, 2013. "Reforms in Economic Governance of Eurozone after the Debt Crisis and Lessons for Korean Economy," World Economy Brief 13-9, Korea Institute for International Economic Policy.
    • Handle: RePEc:ris:kiepwe:2013_009
    DOI: 10.2139/ssrn.2320925
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