Lessons Of The Euro-zone Sovereign Debt Cirsis And Implications For Monetary Cooperation In East Asia

Originating from the Greek, and then spreading to the entire euro-zonesovereign debt crisis, has seriously affected the recovery and development of theeuro-zone future economy. The crisis profoundly exposed all sorts of malpractices ofthe internal mechanism in Euro-zone. We need to rethink the integration of regionalmonetary cooperation continually, draw lessons from the euro-zone and the givesome enlightenment to the monetary cooperation in East Asia. While consideringeuro-zone as a reference, at the same time, East Asia monetary cooperation shouldalso focus on strengthening cooperation in East Asia and regional sharing of internalinformation, Looking CMI as the core, we should continue to promote the depth andexpansion of monetary cooperation in East Asia, improve the inspecting and helpingsystem, strengthen the construction of financial market and finally promote thefurther development of monetary cooperation in East Asian.This article is divided into five parts. Part I is the introduction, including thebackground and significance of this study and the relevant literature research.The second part gave an overview of the euro-zone sovereign debt crisis, fromthe outbreak of the sovereign debt crisis in Greece to the full-blown in euro zone, theeuro-zone and its members was faced with complicated problems. Then from thepoint of view of the countries in debt, the euro area and the world economy, this partdescribed the impact of the sovereign debt crisis. Finally, from the euro area leveland the national level as well as other external level, analyzed the causes of the eurozone sovereign debt crisis. The third part is about monetary cooperation in East Asia. First, the describedthe background of East Asian monetary cooperation.Then, this part gave a summaryof achievements in East Asian monetary cooperation, including supervision, restraintmechanisms, Chiang Mai Initiative and the bond market. Finally from the economic,political and other perspective analyzed the problems of monetary cooperation aswell as the source of the problem.Part IV, through the lesson of the euro area, then this paper made somecomments for East Asian monetary cooperation, and pointed out some idea ofmonetary cooperation in East Asia in the future, as well as problems that needattention.Part V has drawn conclusions and policy recommendations. In the foreseeablefuture, it is difficult for monetary cooperation in East Asia to obtain a substantivebreakthrough, and East Asia does not have the conditions to create a single currencyarea, the path of East Asia cooperation in the future should be promoted from thelocal region step-by-step in four-stage.