The fall of the Soviet Union in 1990 and the sudden transformation of East European nations towards capitalism proves an absolute supremacy of United States In the international economic and political scene. This was represented by strong dollars. Wit...
The fall of the Soviet Union in 1990 and the sudden transformation of East European nations towards capitalism proves an absolute supremacy of United States In the international economic and political scene. This was represented by strong dollars. With the introduction of Euro, these situation are changing. The emergence of Euro as a serious competitor to dollar means the changing balance of international economic power which will contribute to the establishment of the new world economic order. EMU will not only be a good opportunity, but also implies a risk to Korean economy suffering from foreign exchange shortage and loss of competitiveness. To overcome the current economic difficulties and benefit from the new international currency, Euro, Korea needs to accelerate restructuring and promote the low-cost, high-efficiency and technology intensive industry.