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Political sustainability of the Eurozone

Political sustainability of the Eurozone

Political sustainability of the Eurozone

그리스

대한민국

Political sustainability of the Eurozone
March 07, 2011 JUN Hae-won
Assistant Professor
Dept. of European and African Studies
Since the Greek budget crisis 
in early 2010, the European 
Union has not solved the 
fundamental problems of 
the European Economic and Monetary 
Union. The lack of solutions led some 
people to question the future of the 
Euro and suspect the breakdown of the 
eurozone. However, the breakdown of 
eurozone is highly unlikely considering 
the enormous costs expected to be 
incurred in both political and economic 
terms. Not only the European Union 
but also the world economy would be 
placed in extreme danger if a country 
leaves the eurozone or the Euro itself 
stops to exist. All of the solutions that 
have been suggested for the eurozone 
crisis within the EU are based on the 
premise that the Euro will and should 
exist.
Another opportunity for enhancing 
cooperation with the EU lies in the 
areas of R&D and education. Although 
greater emphasis has been placed on 
investment in R&D and education as 
these two have been identified as 
possible ways to increase the EU’s 
competitiveness, it still remains difficult 
to make a real investment in those areas 
given austerity in the current EU 
budget. In the area of education, 
continuing austerity measures will 
increase the possibility of reducing the 
budget allocated to the education sector 
despite a clear need for an investment 
in this sector. Considering that the EU 
cannot forego investment opportunities 
in R&D and education sectors in order 
to strengthen its competitiveness, it is
likely that the Union will turn to 
improving relations with the countries 
outside the EU in order to handle the 
given situation. Also, given the EU’s 
technical advantage in the environment
sector and Korea’s ambition to build 
competence for sustainable development 
in that particular field, it is called for the 
Korean government to achieve greater 
cooperation with the EU in sustainable 
development. Expanding academic 
exchanges between Korea and Europe, 
such as the development of joint 
academic programs between universities 
in Korea and European universities, 
would eventually allow Korea to increase
its competitiveness in the area of education 
in the context of the Asian region. IFANS 
2011 ©

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cooperation with the EU

EU

European 
Union

European Union

Eurozone

Political sustainability of the Eurozone

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전혜원

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2011-02

KOR