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Die griechisch-europäische Krise: Ungleichgewichte, Finanzmärkte und die Stabilität des Euroraums
[The Greek-European Crisis: Imbalances, Financial Markets and the Stability of the Eurozone]

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Author Info

  • Gloede, Oliver
  • Menkhoff, Lukas

Abstract

The external imbalances in Europe have led the Europzone into a crisis. Out of three goals in international monetary policy, only two can be realized at the same time. By joining a monetary union a country has implicitly decided about these two goals. In order to stay competitive, wages and prices have to adjust to the targeted inflation rate of the common currency. This failed largely in Greek and other Southern-European countries. Thus, ending the Greek-European crisis requires a solution for this structural problem. According to the monetary union's present arrangements, full adjustment has to be taken by the Southern-European memeber states.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 21566.

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Date of creation: 23 Mar 2010
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Handle: RePEc:pra:mprapa:21566

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Keywords: International monetary policy; trilemma; European Monetary Union; Greek; Spain;

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  1. Oliver Gloede & Lukas Menkhoff, 2010. "Griechenlands Krise: Das währungspolitische Trilemma im Euroraum," Wirtschaftsdienst, Springer, Springer, vol. 90(3), pages 172-177, March.
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