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“Macroeconomic Imbalances” Factor for the Euro Area Debt Crisis

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  • Viktor Dinev

Abstract

An attempt is made to systematize the opinions concerning the causes of the debt crisis in the Euro area. The economic governance of the European Union (EU) and its reaction to the crisis are analyzed. The macroeconomic indicators of the EU member states have been examined for the period 2002-2015 (including the fourteen main indicators for macroeconomic imbalances that are monitored by the EU institutions). The study results suggest that among the EU member states there are macroeconomic imbalances of different nature and this is a factor to provoke the Euro area debt crisis. Further reforms in the institutional framework of the economic and monetary union in EU are recommended in the current economic and political conditions.

Suggested Citation

  • Viktor Dinev, 2017. "“Macroeconomic Imbalances” Factor for the Euro Area Debt Crisis," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 142-177.
    • Handle: RePEc:bas:econst:y:2017:i:3:p:142-177
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    More about this item

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • G01 - Financial Economics - - General - - - Financial Crises
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General

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