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Chapter 2: A New Crisis Mechanism for the Euro Area

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Author Info

  • Giancarlo Corsetti
  • Michael P. Devereux
  • John Hassler
  • Gilles Saint-Paul
  • Hans-Werner Sinn
  • Jan-Egbert Sturm
  • Xavier Vives

Abstract

The European debt crisis followed the US financial crisis with a delay of one and a half years. While its first signs were visible in November and December of 2009 when the rating agency Fitch downgraded Ireland and Greece, it culminated on 28 April 2010 when the intra-day interest rate for two-year Greek government bonds peaked at 38 percent. Since then capital markets have been extremely unstable, showing signs of distrust in the creditworthiness of the GIPS countries: Greece, Ireland, Portugal and Spain. The European Union reacted by preparing voluminous rescue plans that, at this writing (January 2011), have been resorted to by Greece and Ireland.

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File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/ZS/ZS-EEAG_Report/zs-eeag-2011/eeag_report_chap2_2011.pdf
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Bibliographic Info

Article provided by CESifo Group Munich in its journal EEAG Report on the European Economy.

Volume (Year): (2011)
Issue (Month): (02)
Pages: 71-96

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Handle: RePEc:ces:eeagre:v::y:2011:i::p:71-96

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  1. Sinn, Hans-Werner, 2010. "Casino Capitalism: How the Financial Crisis Came About and What Needs to be Done Now," OUP Catalogue, Oxford University Press, number 9780199588275.
  2. Eichengreen, Barry & Kletzer, Kenneth & Mody, Ashoka, 2003. "Crisis Resolution: Next Steps," Santa Cruz Department of Economics, Working Paper Series qt4cj974r4, Department of Economics, UC Santa Cruz.
  3. Sinn, Hans-Werner & Buchen, T. & Wollmershäuser, Timo, 2011. "Trade imbalances - causes, consequences and policy measures: Ifo’s statement for the camdessus commission," Munich Reprints in Economics 19568, University of Munich, Department of Economics.
  4. Kenneth Kletzer & Barry J. Eichengreen & Ashoka Mody, 2003. "Crisis Resolution," IMF Working Papers 03/196, International Monetary Fund.
  5. Hans-Werner Sinn, 2003. "The Laggard of Europe (CESifo Forum Vol. 4, Special Issue No. 1)," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 4(SPECIALIS), pages 01-32, October.
  6. Hans-Werner Sinn & Kai Carstensen, 2010. "Ein Krisenmechanismus für die Eurozone," Ifo Schnelldienst, Ifo Institute for Economic Research at the University of Munich, vol. 63, pages 01-17, November.
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Cited by:
  1. Niels Gilbert & Jeroen Hessel & Silvie Verkaart, 2013. "Towards a Stable Monetary Union: What Role for Eurobonds?," DNB Working Papers 379, Netherlands Central Bank, Research Department.

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