그리스 재정위기와 유로의 정치경제: 유로 12년, 성공 신화에서 위기로?

초록

Launched in 1999, the first decade of the euro was resounding success. The euro facilitated the integration of capital markets as well as contributed to expanding intra-euro trade. The euro members seemed to evade the devastating effects of the unprecedented global financial crisis in 2008. However, as the Greek financial crisis diffused to other euro areas such as Portugal, Ireland, and Spain, positive judgments and rosy prospects of the euro were abruptly reversed. This study aims to critically examine major issues emanating from the Greek financial crisis and the crisis of the euro. A variety of factors ranging from the Greek government’s unfettered fiscal policy, economic imbalance among euro members, the impact of the global financial crisis, the separation of monetary from fiscal policy in the EMU, and the lack of collaborative leadership by Germany and France combined to affect the expansion of the crisis. The euro area is likely to seek profound changes such as strengthening fiscal discipline of the euro members, the EMU governance reform, the creation of the EMF, and a new leadership.

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