유럽 재정위기의 원인과 유로존의 개혁과제 (Causes of the European Debt Crisis and Reform of the European Governance)

The others argue that the debt crisis of the Southern European countries did not result from excessive social spending, but from failure in creating a positive relationship between the welfare system and economic growth. At this point, we can elicit some policy lessons as follows. First, it is necessary to consider future fiscal demand in setting up a social security system. Population aging will be a more salient issue in Korea than any other OECD members in a couple of decades. Second, it is necessary to monitor development of household debt, because increasing private debt can exert indirect impact on credibility of fiscal sustainability. Third, Korea should develop domestic demand as well as maintaining competitiveness of its export industries