Suchergebnisse

The Euro-area crisis, which erupted only a few years after the outbreak of the global financial and economic crisis, revealed weaknesses in regional as well as global frameworks for financial and economic crisis prevention. In fact, neither regional surveillance within the European framework nor global surveillance by international institutions such as the IMF and the OECD was effective in preventing such large-scale crises in developed countries. Can more effective surveillance be put in place to prevent their recurrence? In this book, first-class economists with rich experience in economic and financial policy-making address a broad range of difficult policy issues. They examine the roles of surveillance by international institutions as well as micro- and macro-prudential policies, their mixes and their coordination with monetary policies for achieving financial stability while promoting better macroeconomic performance. Based on this analysis, the book also examines economic as well as political forces at work in order to understand the dynamics of the Euro-area crisis that erupted only a few years after the outbreak of the global financial and economic crisis. It reveals that the crisis was actually balance-of-payments induced, deriving from single-currency tensions as well as excessive sovereign debt. It emphases that the sustainability of the Euro area crucially depends on structural reform in both surplus and deficit countries within the area to promote convergence of economic performance.

Die Eurokrise hat ihren Ursprung nicht nur in einer Staatsschuldenkrise. Sie wurde ebenfalls durch eine Zahlungsbilanzkrise verursacht. Ein breit gefächerter Ansatz in der Wirtschaftspolitik ist daher erforderlich, um die Eurozone auf einen nachhaltig stabilen und dynamischen Wachstumspfad zurückzubringen. ; A multi-faceted approach is required for the euro area to restore sustainable growth and prevent a vicious circle of public- and private-sector deleveraging leading to weaker economic activity which in turn results in a further deterioration in banks' asset quality. While avoiding discretionary fiscal expansion, creditor countries should work together with debtor countries to accelerate micro-economic reforms in product, services and labor markets to achieve greater macro-economic convergence in the euro area. This, with together the restoration of the health and resilience of the banking sector, is the key to the area's viability. The ECB's policy to avoid any deflationary bias while stabilizing inflation at or around 2 per cent for the euro-area as a whole should be another component of such an approach.