총 36페이지

30 VoiceofWisdom
EurozoneEconomicCrisisto
ImpactKoreanGraduates
A
thens, Berlin, Rome….these capitals of
prominent European nations seem so far
away from the HUFS campus and the
eventstherepossessnotangibleimpactonthelives
ofKoreanstudentsandgraduates…ordothey?
In the past several years, news from Europe
regardingthewideningEurozoneEconomicCrisis
has often dominated Korean headlines. Readers
BrandonWalcutt
of the news, especially many students, view these
eventsfromanabstractperspective,notnecessarily
Professor,
grasping the implications these far-off issues will
DivisionofInternationalStudies
have on their lives and future careers. Beginning
with an overview of recent European economic
issues, this commentary will focus on the direct
and indirect implications of the Eurozone
EconomicCrisisonHUFSstudentsandgraduatesandfinishwithsuggestionsonensuringaprosperousfuture.
Todate,thegrowingEurozoneEconomicCrisishasengulfedmanyweakerEuropeancountriesandisthreatening
the rest with slowing economies, higher deficits and increasing unemployment. The crisis itself was spawned 21
years ago with the Maastricht Accord that helped establish the Euro as Europe’s central currency. Through the
accord, individual countries gave up much of the power they held over their economies to perform fiscal actions
suchascurrencydevaluationthathelpedallowthemtomaintainsolvencyandexportlevelsduringeconomichard
times.SufferingfromtheGlobalFinancialCrisisin2008,theaccordpreventedEurozonecountriesfromexercising
optionsallowedbysovereigncurrenciesand,coupledwithsignificantdebtloadsandotherinternalissues,eventually
endedinneardefaultsituationsforsome.Sincethebeginningofthecrisis,thehardesthitcountries,referredtoas
the PIIGS (Portugal, Italy, Ireland, Greece and Spain), began applying to the Eurozone community for assistance,
whichcamewithstrictausteritytermsandoftencausedmajorsocialdemonstrations.Theoveralleffectofthecrisis
hasbeenageneralslowdownofvirtuallytheentireEuropeanUnioneconomywithsevereeffectsoccurringinmany
oftheworsthitcountriesandstillprovidesnoanswersastowhenconditionswillimprove.
Many implications to Korean students result from direct impacts to domestic trade and more indirect ones
involving an increased outbound flow of capital from the Korean financial market, a weakening of the Korean
currency and risk to loans owed to Korean banks. As these implications all negatively impact Korea’s business
community,therewillalsobeadefiniteshorttomid-termimpactonthehiringofuniversitygraduates.
First,adirectnegativeimpacttostudenthiringcanbeattributedtofallingtradelevels.Currently,theEUnations
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