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CHAPTER 1 Introduction 1. Issues at hand and the need for this study 2. Purpose 3. Content CHAPTER 2 Previous Studies and Theoretical Background 1. Literature Review 2. Theoretical Background CHAPTER 3 Data Source and Analysis Methodology 1. Data Source 2. Analysis Methodology CHAPTER 4 Analysis Outcome 1. Categorization of 'Low-level, Low-welfare' and 'High-level, High-welfare' 2. Enablers and Economic Status and Competitiveness CHAPTER 5 Conclusion and Policy Implications References The current financial crisis in Southern Europe is not only posing a threat to the valuation of the euro but also raising concern over the sustainability of the European welfare model. Bolstered by continuous economic growth in the wake of World War II, European states have managed to develop a high-burden/high-benefit welfare model. However, amid aging society driven by low birth rates and an extended life expectancy as well as the recent sluggish economic growth, high spending and dwindling incomes inevitably followed, triggering government deficits to surge. Consequently, European countries including the financially vulnerable Greece, Spain, Portugal and Italy have introduced and are still implementing a range of restructuring measures such as a cut in pension/healthcare benefits, lifting of the eligible age for retirement, etc. in an effort to tackle the budget crisis facing them. As a result, skeptical views on the sustainability of their high-burden/high-benefit model have ensued. One of motivations behind this study is our recognition that such assessment can be too facile. It is true that of Europe's typical high-burden, High-benefit platforms, the ones employed by some Southern European countries are currently under scrutiny, yet the welfare models prevailing in Northern Europe are positively reviewed by global comparison, thus casting little doubt