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The euro crisis: a view from the North

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Author Info

  • Honkapohja, Seppo

    ()
    (Bank of Finland Research)

Abstract

The paper provides an overview of the sovereign debt crisis. I first consider the build-up of the crisis.I then discuss policy choices when a financial crisis erupts and assess the adjustment processes in the crisis countries, including alternatives to policies of austerity. Finally I take up institutional improvements that can help in resolving the current crisis and avoiding a future one. These include the banking union and the strengthened Stability and Growth Pact and related institutional rules. Current high levels of public and private debt together with still weak bank balance sheets are a major unsolved problem.

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File URL: http://www.suomenpankki.fi/en/julkaisut/tutkimukset/keskustelualoitteet/Documents/BoF_DP_1312.pdf
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Bibliographic Info

Paper provided by Bank of Finland in its series Research Discussion Papers with number 12/2013.

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Length: 28 pages
Date of creation: 28 Jun 2013
Date of revision:
Publication status: Published as Honkapohja, Seppo, 'The euro area crisis: a view from the North' in Journal of Macroeconomics, 2014, pages 260-271.
Handle: RePEc:hhs:bofrdp:2013_012

Contact details of provider:
Postal: Bank of Finland, P.O. Box 160, FI-00101 Helsinki, Finland
Web page: http://www.suomenpankki.fi/en/
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Related research

Keywords: financial crisis; sovereign debt; European integration;

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References

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  1. Obstfeld, Maurice, 2013. "Finance at Center Stage: Some Lessons of the Euro Crisis," CEPR Discussion Papers 9415, C.E.P.R. Discussion Papers.
  2. Carmen M. & M. Belen Sbrancia, 2011. "The Liquidation of Government Debt," Working Paper Series, Peterson Institute for International Economics WP11-10, Peterson Institute for International Economics.
  3. Honkapohja, Seppo, 2012. "The 1980s financial liberalization in the Nordic countries," Research Discussion Papers 36/2012, Bank of Finland.
  4. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973.
  5. C. Randall Henning & Martin Kessler, 2012. "Fiscal federalism: US history for architects of Europe's fiscal union," Essays and Lectures 669, Bruegel.
  6. Andersen, Torben M. & Holmström, Bengt & Honkapohja, Seppo & Korkman, Sixten & Söderström Hans Tson, & Vartiainen, Juhana, . "The Nordic Model. Embracing globalization and sharing risks," ETLA B, The Research Institute of the Finnish Economy, The Research Institute of the Finnish Economy, number 232, Spring.
  7. Gylfason, Thorvaldur & Holmström, Bengt & Korkman, Sixten & Söderström, Hans Tson & Vihriälä, Vesa, . "Nordics in Global Crisis. Vulnerability and resilience," ETLA B, The Research Institute of the Finnish Economy, The Research Institute of the Finnish Economy, number 242, Spring.
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Cited by:
  1. Andrea Vaona, 2014. "The Price-Price Phillips Curve in Small Open Economies and Monetary Unions: Theory and Empirics," Kiel Working Papers 1904, Kiel Institute for the World Economy.

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