통화통합의 정치적 동인: 유럽의 경험과 동아시아에의 함의 = Political Motivations for Monetary Integration: The European Experience and the Implication for East Asia

다국어 초록 (Multilingual Abstract)

The purpose of this paper is to investigate the political motivations behind the European monetary integration and draw implications for the future of the East Asian monetary integration. Regardless of its economic rationale and effect, monetary integration proceeds as a series of political choice on the issue of monetary sovereignty. The European experience reveals that those political factors working on the international, regional, and domestic levels determine the destiny of this choice. The fundamental motivation behind the European monetary integration was to revise the hegemonic international monetary order in such a way to protect and promote European common interests. With this being a fundamental rationale, the political conflict among the European countries on the asymmetric nature of the European Monetary System(EMS) and the domestic political considerations to secure monetary policy commitment have finally led to the launch of a monetary union.


This experience highlights the fundamental importance of the revisionist consensus on the future development of East Asian monetary integration, which, by and large, is not mature yet. Yet, once this precondition is satisfied, the oft-cited obstacles to the monetary integration in East Asia, political mistrust and institutional deficit, are likely to be transformed into the political raw materials for the institutional evolution.

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