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<How Can We Save The Euro?>
- Q1Germany has a trade surplus in EU countries, particularly in the Eurozone. Should the EU help Greece? Or is Greece's collapse inevitable?
- Q2It has been pointed out that the EU's financial systems are having a significant effect on the Eurozone crisis. What problems are there in such systems?
- Q3Will Greece's financial collapse trigger a breakdown of the eurozone and EU?
- Q4What kind of support should the world offer in dealing with this crisis?
- Q5What should Japan do to make sure it doesn't end up in the same situation as Greece?
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Q4 What kind of support should the world offer in dealing with this crisis?
They keep saying support, support. That's why they can't overcome this crisis. The way to overcome it is for the PIIGS themselves to improve their primary balances, but it's impossible for Greece to do that now.
The integration of Europe is a huge experiment where Europeans took the lead over the rest of the world, just like every political, financial or scientific system that is making the world move. It isn't something that Japanese people will be able to copy for a long time. But the outcomes of this experiment are important ones that will go to people across the world, including the Japanese, just like Europe and American technology. Japan sits at the far end of the world's advanced nations, and should cooperate in this experiment to the best of its ability.
Help banks that are struggling financially. Recently, Prime Minister Noda visited South Korea and offered 2 trillion yen from the Finance Ministry to deal with the weakening South Korean won. The Finance Ministry actually has piles of money. Some of that could be used. This is not a problem of other countries. Unfortunately, the effects have already spilled over from Europe into Japan and as long as this continues, Japan will have to get involved.
Coordinating financial and economic policies, especially in the area of financial sector regulation.
Probably we should rethink and redefine our values, whole economic system. Greece is probably just a consequence of years of wrong perception of how world and people react to each other. Anyways it's too complicated topic to come to a solution in few sentences.
Associate Professor at European University Cyprus
The Graduate Institute Geneva
Although Japan has already started the financial support like other nations, when the euro crisis becomes real, the situation may fall into a simultaneous global recession. So we should ask for further support from the Asian countries as well including China and India.
The deficit should be reduced by default or partial credit reduction. However, for those countries, it is on the premise that to clear up the cause inducing the deficit (i.e. exclusion of the vested interest). The government, social security and public works projects should be reduced as well.
The international standard of financial rules as well as the international rules of financial institutions and investments should be reviewed. It is necessary to be discussed well on how to prevent the moral hazard.
I don't think the support is necessary. As the EU wanted to make an original framework of the euro, it should be the right way to settled the issue within the Eurozone. Otherwise, the EU is meaningless. I would like to ask for the EU to properly handle the issue within the Eurozone without depending on the world.
Similar to the handling of the bankruptcy of regular companies, it is necessary to make thorough credit treatment, like South Korea underwent before, under the IMF management by cutting off the nation that is the affected part of the euro system. The Greek people are depending others too much.
The EU member states should support the EU. If it were in the reverse situation, it is unlikely to think that the EU would offer support to Japan merely out of their good will. Support made without affecting the domestic economy is what is supposed to be, I guess. Actually, if your country can afford to support other countries, it would be the first priority to get rid of the domestic economical anxiety factors at first.
Christine O' Malley
The world should learn from Greece's mistakes and not repeat them. By advising Greece on any investments over the next ten years, we may be able to salvage their economy. The only logical action is to create new budgets for struggling countries such as Greece and implement them.
By calmly discussing over the issue, an attitude to do what you can do should be respected. It would be no use to have a way of thinking, regarding the problem as a fire of the opposite bank.
Why isn't the United Kingdom using the euro? Before the world supports it, it is hard to think that the issue can't be settled within the Eurozone.
This problem not only matters to the Eurozone but also needs to be globally tackled with.