North Korea's veteran leader Kim Jong-il has died at the age of 69. State media announced he passed away on Saturday, after suffering a heart attack. Kim Jong-il's youngest son, Kim Jong-un, has been named his successor. Meanwhile, as the news broke, Pyong-yang's long standing enemy, South Korea put its armed forces on high alert, while the government has declared the situation an emergency. Kim Jong-il's body is lying in state in a mausoleum in the capital, before a funeral service on December 28th. Until then, a period of mourning has been declared in the country. Rudiger Frank, who's professor of East Asian Economy and Society at the University of Vienna, gives his outlook on North Korea's future.