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The Eurozone Debt Crisis. Causes and Possible Solutions. The Case of Greece

Author

Listed:
  • Diana Claudia Sabău-Popa

    (“Babeş-Bolyai” University, Cluj Napoca)

  • Edina Kulcsar

    (“Babeş-Bolyai” University, Cluj Napoca)

  • Eugenia Ramona Mara

    (“Babeş-Bolyai” University, Cluj Napoca)

Abstract

This article presents the debt crisis in eurozone, which is the result of a concept error of the Economic and Monetary Union. The situation has become critical for countries such as Greece, Portugal, Ireland, Spain. The duality that characterizes nowadays the financial aspect of the European integration can be barely maintained on long term, because the Monetary and Economic Union operates with the participation of 16 member states, while the members of the eurozone remain sovereigns on their budgetary policies. Without broad structural reforms, the sustainability of the Economic and Monetary Union is questioned.

Suggested Citation

  • Diana Claudia Sabău-Popa & Edina Kulcsar & Eugenia Ramona Mara, 2011. "The Eurozone Debt Crisis. Causes and Possible Solutions. The Case of Greece," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 5(5(558)(su), pages 856-862, July.
  • Handle: RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:856-862
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    References listed on IDEAS

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    4. Carmen M. Reinhart & Vincent Raymond Reinhart, 2002. "What Hurts Emerging Markets Most? G3 Exchange Rate or Interest Rate Volatility?," NBER Chapters,in: Preventing Currency Crises in Emerging Markets, pages 133-170 National Bureau of Economic Research, Inc.
    5. Meese, Richard A & Rogoff, Kenneth, 1988. " Was It Real? The Exchange Rate-Interest Differential Relation over the Modern Floating-Rate Period," Journal of Finance, American Finance Association, vol. 43(4), pages 933-948, September.
    6. Edison, Hali J. & Pauls, B. Dianne, 1993. "A re-assessment of the relationship between real exchange rates and real interest rates: 1974-1990," Journal of Monetary Economics, Elsevier, vol. 31(2), pages 165-187, April.
    7. Isard,Peter, 1995. "Exchange Rate Economics," Cambridge Books, Cambridge University Press, number 9780521460477, December.
    8. Ronald MacDonald, 1997. "What Determines Real Exchange Rates? The Long and Short of it," IMF Working Papers 97/21, International Monetary Fund.
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