Suchergebnisse

It is argued the current eurozone crisis is neither new nor surprising. Fiscal discipline in the eurozone was weak from its creation in 1999, but ongoing economic prosperity limited the damage. Economic recession deepened the impact of crisis on public finance and pushed some eurozone countries to the edge of bankruptcy. Options available now are costly and painful: foreign bailouts, cuts to expenditures, higher revenues and some combination of the three. They may be conducted both inside and outside the eurozone. If eurozone problems are not solved, financial markets may turn down the euro as a currency, possibly marking the beginning of Euro-disintegration.

This presentation was presented by Professor Briguglio, who was invited to conduct a public seminar at the University Putra of Malaysia (UPM) at Kuala Lumpur on the Euro Crisis. ; This presentation focuses on the EU History and Institutions, the European Monetary Union, the Stability and Growth Pact and the Euro Crisis. ; N/A

The International Papers in Political Economy (IPPE) series explores the latest developments in political economy. This eighth volume focuses on the financial crisis currently gripping the eurozone, examining the root causes and outcomes and the uncertain future of the euro. The volume provides an overview of the crisis and its possible solutions, with a sharp focus on debt sustainability. Individual countries are also analysed in great depth, with four more detailed studies of the economic climate in Portugal, Ireland, Spain and Greece, exploring the implications of the crisis for economic policies of these countries.

The Euro Crisis produced the most significant challenge to European integration in 60 years - testing the structures and powers of the European Union and the Eurozone and threatening the common currency. This book explores how the financial and political crisis was portrayed in the European press and the implications of that coverage on public understanding of the developments, their causes, responsibilities for addressing the crisis, the roles and effectiveness of European institutions, and the implications for European integration and identity. It addresses factors that shaped news and analysis, the roles of European leaders, and the extent to which national and pan-European debates over the crisis occurred. In doing so, it provides a clear and readable explanation of what the portrayals tell us about Europe and European integration in the early twenty-first century.

Your handy mini-guide to the eurozone crisis These are turbulent times for Europe. The European debt crisis has dominated headlines, toppled elected leaders, and even called into question the survival of the Euro itself. In fact, not a day goes by without headlines screaming about the eurozone in crisis. But what are the key issues at stake? What exactly caused the crisis...and what might happen next? Julian Knight walks you through the issues and explains - in plain English - what the crisis means for you, and for the global economy. Open the book and find: How the crisis came about What it means to you Crystal ball predictions on what might happen next 'Must know' facts about the crisis.

[Introduction] The euro crisis evolves out of the global financial crisis, which erupted with the collapse of Lehman Brothers in September 2008. Starting point of the euro crisis was the statement of the Greek government in autumn 2009 that budget deficit may be much higher than announce in the beginning of 2009. In early 2010 financial market expectations pointed in direction of possible Greek sovereign default. In May 2010 some secondary markets for government bonds began to dry up completely and the EU council agreed to a rescue plan for Greece. This plan could not dam up the concerns regarding the debt situation in Portugal and Ireland. During the ongoing crisis process these countries are supported by rescue plans (see Todev, Brazda, Laurinkari 2013). Rescue plans are not an instrument of the legal arrangement of the European Union or of the Eurozone. Therefore, new arrangement has had to be established since then. Moreover, the euro crisis is not only a sovereign debt crisis. It contains at least a banking crisis and macroeconomic crisis. All these parts are strongly connected. In the paper the main links are described. Furthermore, new legal arrangements and developments are presented to handle the sovereign debt, banking and macroeconomic crisis. In the beginning the changes deals with the sovereign debt crisis. Countries, which got support of other countries, had to accept changes in their public budget structure. To some extend the policy changes should help to solve reasons of the debt situation and of the macroeconomic crisis. In 2012 the EU council focused on the banking crisis, where the EU agreed to establish a banking union. The macroeconomic crisis is apparent by high unemployment rates and real GDP decreases. One main reason behind these characteristics is the lack of competitiveness of some economies. This point is addressed in the paper. At the end of the paper political aspects of the crisis politics should be mentioned. It is dealing with the income and wealth situation of some EU countries.

This dissertation is a collection of three essays dealing with selected problems of the Euro Area during its most recent crisis. It applies empirical, theoretical, and institutional analyses to gain new insights into many of its financial aspects. The first essay offers an alternative explanation for the surge in government bond spreads. Many researchers attribute this phenomenon to market sentiment and multiple equilibria alone. We show that an often neglected fundamental variable may drive spreads: a decrease in the expected recovery value of private market participants. With an ever-increasing share of crisis countries' debt held by official creditors, private investors may feel pushed into the position of subordinated creditors. The other two essays both explain the sharp increase in central bank credit from different perspectives. First, from the national perspective, central banks may be confronted with a classical tragedy-of-the-commons problem, which gives rise to an expansionary bias. Second, from the perspective of the ECB, we argue that the empirical patterns surrounding the liquidity provision in December 2011 are reminiscent of a speculative attack on a fixed exchange rate system.