Summer School 2021 <Contemporary Europe> Session 5 > Summer School at KU

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In the fifth session, Prof. Sunghoon Park from the Korea University GSIS lectured on economic integration in Europe. First, he gave a full explanation of important milestones of economic integration in the continent. Since the foundation of the European Coal and Steel Community (ECSC) in 1953, Europe experienced remarkable developments for Economic integration. Among them, the Professor focused on the Common Agricultural Policy (CAP) and the Common Commercial Policy (CCP).

In the latter half of the session, he elaborated on the EU's single monetary policy. Based on the Optimum Currency Area (OCA) theory, the Euro is appropriated for the maximum effectiveness of integration. Even though some negative perspectives existed on the single-currency concept such as loss of sovereignty, limited effects of other economic policies, and transition costs, 11/15 EU member states adopted the Euro in 1999. Lastly, he briefly summed up the importance of the European monetary integration by accentuating its long preparedness.