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Wie weit ist die Verschuldungskrise in der Europäischen Währungsunion überwunden?

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Abstract

In the first years of the eurozone debt crisis, European governments were busy struggling to achieve short-term financial stabilisation of banks and entire countries. Now, after the OMT programme and other stabilisation measures have calmed investors, attention has shifted to two issues: Firstly, are there signs of recovery in the real economy? Secondly, what will be the long-term institutional structure of the eurozone? This paper argues that the economic situation in the periphery countries is still fragile, despite significant adjustments that have taken place. Moreover, the most important institutional challenge is to avoid a situation in which national control over fiscal policy is combined with mutualisation of government debt. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2014

Suggested Citation

  • Clemens Fuest, 2014. "Wie weit ist die Verschuldungskrise in der Europäischen Währungsunion überwunden?," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 94(1), pages 11-14, February.
    • Handle: RePEc:spr:wirtsc:v:94:y:2014:i:1:p:11-14
    DOI: 10.1007/s10273-014-1644-3
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    Keywords

    E60; E42;

    JEL classification:

    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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