Cerca

An unprecedented crisis has recently hit Greece and other countries of the Eurozone, thus raising the question of the functioning of the single currency. 10 years after its introduction, the assumption that monetary union would automatically bring convergence does not appear to be fully confirmed by data. Indeed, macroeconomic imbalances can be seen in a number of countries and national misbehaviours are jeopardising the entire Eurozone.

No-one is particularly eager to bail out the Greeks. Of course everyone would like to prevent another major financial crisis but the idea of pumping money into a country that has so obviously lived beyond its means while providing incorrect information and conniving with banks to cover its tracks is hard to swallow. Even under the most generous of circumstances, such an action would be seen to create a “moral hazard” - encouraging future governments in Greece and elsewhere to engage in similar behaviour.

Vergil has experienced an unexpected revival lately. Indeed, his famous «beware of Greeks bearing gifts» [Timeo Danaos et dona ferentes] has been quoted or paraphrased frequently in the international media coverage of the Greek sovereign debt crisis – mostly to underline how poisoned, alas, the gift was. But is it? The specific reasons that prompted the crisis are well-known and need no further analysis here. 

This paper will seek to do two things: Firstly providing the reader with an overview and an analysis of the EU’s political, economic and security relations with Japan, China and North Korea.

What does the EU “do” or does not do in terms of politics, economics and security with Tokyo, Beijing and Pyongyang? Are the EU and Japan doing what they have planned and envisioned to do with regards to Asian (and global) security or will their bilateral relations continue to be above all a trade and investment relationship?