그리스의 유로존 탈퇴논란을 통해 본 유럽통합의 도전과제

Governance of European Integration and its Challenges: Greece s exit from Eurozone

The European debt crisis spread over Southern European countries and Greece wasparticularly affected by this crisis. The debt crisis attributes to excessive governmentdebt and chronic deficit in current account. This paper tries to show that the crisisis undoubtedly related to structural problems of Eurozone and by-product ofEuropean integration. In order to analyze the crisis in Greece, this paper reviews thecauses of crisis from two levels: domestic governance of Greece and structural aspectsof Eurozone and European integration. The debt crisis in Greece is due to thefailure of fiscal governance at domestic level, but it is also related to internalimbalance in eurozone, which is hardly possible to correct by an individual country. The discussion on possible exit of Greece from Eurozone revealed once again thatdisadvantage of economic integration would be prevail, if proper mechanism ofcoordination were not provided, both ex-ante and ex-poste. In this regard, there is aconsensus that the Eurozone needs strong reforms in order for the euro to survive inthe future. Firstly, it will be increasingly necessary to develop a close coordinationmechanism of economic policies between members. This mechanism will have toaddress not only budgetary behavior of Member States, but also comprehensiveeconomic policies including labor market reforms and industrial policies. Secondly, itwill be inevitable to push for a certain level of fiscal integration to prevent this kindof crisis. However, this will require a high level of political compromise. Progress towards fiscal integration will depend highly on political agreements between Eurozone Member States.