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The Euro Zone Crisis and its Dimensions and Implications

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  • M R Anand

    ()

  • G L Gupta
  • Ranjan Dash

Abstract

The sovereign debt problems in the peripheral economies of the euro zone has started to pose a serious threat to the main economies of the Europe and perhaps to the future of the 'euro‘ itself. Such a situation is a far cry from the optimism and grand vision that marked its launch. This paper is an attempt to understand the implications of the ongoing euro zone crisis and the factors that make it somewhat unique as the contradictions of a monetary union without a fiscal union are coming to fore. The paper shows that the crisis is not merely related to sovereign debt and bank financials, but also rooted in the real economy with structural problems. The manner in which the crisis is dealt is likely to be of far reaching significance to Europe and to the rest of the world. The stage seems set for a change in the way in which the euro zone will need to manage its monetary, fiscal and financial system. [Ministry of Finance WP]. URL:[http://finmin.nic.in/WorkingPaper/euro_zone_crisis.pdf].

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Bibliographic Info

Paper provided by eSocialSciences in its series Working Papers with number id:4764.

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Date of creation: Feb 2012
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Handle: RePEc:ess:wpaper:id:4764

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Related research

Keywords: Euro zone crisis; monetary; fiscal; financial system; advanced countries; budget deficits; national debt; inflation; interest rates; exchange rates; currency; Harmonized Index of Consumer Prices (HICP); monetary aggregate; interest rate;

References

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  1. Barry Eichengreen, 2007. "The Breakup of the Euro Area," NBER Working Papers 13393, National Bureau of Economic Research, Inc.
  2. Jamal Ibrahim Haidar, 2012. "Sovereign Credit Risk in the Eurozone," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 13(1), pages 123-136, January.
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Citations

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Cited by:
  1. Alves, Paulo & Francisco, Paulo, 2013. "The Impact of Institutional Environment in Firms´ Capital Structure during the Recent Financial Crises," MPRA Paper 51300, University Library of Munich, Germany.
  2. Isadora LAZAR & Madalina Ecaterina ANDREICA, 2013. "Current Account Balance, Private Debt And Euro Area Sovereign Debt Crisis: A Comparison Of North And South," Romanian Journal of Economics, Institute of National Economy, vol. 37(2(46)), pages 40-52, December.
  3. Aysan, Ahmet Faruk & Ermişoğlu, Ergun, 2013. "Eurozone Debt Crisis and its Effects on Turkish Economy," MPRA Paper 50501, University Library of Munich, Germany.
  4. Shailaja Fennell & Amandeep Kaur & Ajit Singh, 0. "India and the Eurozone: A Commentary on the Political Economy of Adjustment and Correction," Contributions to Political Economy, Oxford University Press, vol. 32(1), pages 151-167.
  5. C. J. Polychroniou, 2012. "The Mediterranean Conundrum: The Link between the State and the Macroeconomy, and the Disastrous Effects of the European Policy of Austerity," Economics Public Policy Brief Archive ppb_124, Levy Economics Institute.

Lists

This item is featured on the following reading lists or Wikipedia pages:
  1. Европейский долговой кризис in Wikipedia Russian ne '')
  2. Crisis del euro in Wikipedia Spanish ne '')
  3. Causes of the Eurozone crisis in Wikipedia English ne '')

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