유로화 체제의 도입과 한국경제

The Introduction of the Euro and Korean Economy

The new European currency, the Euro, made its proper circulation in 2002. The establishment of Economic and Monetary Union(EMU) and the beginning of European Central Bank System(ECBS) allowed the EU to coordinate a single monetary and fiscal policy. As a result, actual cash transactions of the Euro began in 2002. Evaluating the achievement of last five years, the introduction of the Euro successfully evolved into a system. A single currency suggests the optimism of a completion of a single market. With the circulation of the Euro in Mid and East European nations as the anchor currency, the single currency could play a vital role in the development of pan-European economy. Also, the introduction of the Euro, combined with the economy scale and size of the EU, will play the role of key currency with US Dollarin international money and finance market. The one money system will bring significant effects on theregional economy. The removal of economic risks of the EU can be expected with the activation of M&A both internally and externally, enhancement of corporate competitiveness as reducing costs on capital borrowings, consolidation on policy cooperation and stabilization of the currency rate. On the view of Korea, a short-term side effect is expected with trade diversion effect but the economic growth of the EU in a long-term aspect will eventually establish trade creation effect. Also, the benefits of increasing foreign direct investment(FDI) toward Korea can be expected. The improvements on the efficiency of the European money market will allow greater opportunities on capital flowing. Running on a parallel tracks, Korean corporations will be exposed in a new business environments and opportunities in the region. Therefore, accordingly strategies from both corporations and the government are a prerequisite, to the success.