유로위기와 유럽연합의 위기전략 -위기의 기원에 대한 역사적 재구성과 대응에 대한 평가 = Euro Crisis and European Union’s Crisis Strategy - Historical Reconstruction of the Origin of Crisis and Evaluation on the Responses

다국어 초록 (Multilingual Abstract)

This paper attempts to clarify the origin, background, and dynamics of Euro crisis and to evaluate European Union’s responses on crisis and its crisis strategy. In the first step, this paper examines the origin, background, and dynamics of Euro crisis from the historical perspective. First, as for the origin of Euro crisis, due attention should be paid to the deregulation of the financial market and its European version of completion, ie, the integration of the financial market. The blueprint for the integration of financial market was specifically suggested through the Financial Services Action Plan(FSAP), which was actively embracing the financial innovation of the US. Since the integration of the financial market, Euro zone has become more deeply linked with the dollar-wall street regime and, in consequence, the Sub-Prime crisis of America resulted in the bank crisis in Europe. The dynamics of Euro crisis has been transformed from the bank crisis into the fiscal one especially in the deficit countries since the introduction of Euro and the financial market integration brought out the structural imbalance of Euro zone, that is, the bigger disparities in the competitiveness gap between surplus countries and deficit countries. In the second step, this paper analyzes and evaluates the responses of European Union to Euro crisis and the nature of its crisis strategy. Particularly, this paper focuses on the fact that the targets of crisis strategy are mainly on austerity by adhering to the consequences of the crisis rather than on solving the cause of crisis and correcting the structure of crisis. The real cause of the crisis is the financial instability caused by the excessive deregulation and expansion of global financial market, and its subsequent structural imbalance between surplus countries and deficit countries in Eurozone. However, the crisis strategy of European Union was mostly focused on the fiscal integrity and austerity. Of course, at the beginning of the crisis, financial market reform and re-regulation measures were discussed, but soon afterwards they disappeared and even now the last financial transaction tax is no longer spoken. Also the measures to strengthen the competitiveness of deficit countries were also introduced, but they were mostly sorts of non-binding recommendations in kind. On the other hand, the imposition of austerity on several individual states under the goal of fiscal integrity is proceeding with no efforts of reaching to compromise, even though it has the risk of putting European integration into its “existential crisis” today.

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