IDEAS home Printed from https://ideas.repec.org/a/brc/journl/v23y2013isp55-61.html
   My bibliography  Save this article

The European Union Exposed To The Risk Of The Sovereign Debt Crisis. Case Study: Spain And Portugal

Author

Listed:
  • Ioana-Iulica, MIHAI

    () (“Constantin Brâncoveanu” University, Romania)

Abstract

The global economic crisis, intensely debated, started almost six years ago, subjected the EU to new resistance tests because of the macroeconomic imbalances in the Euro Zone, generated by the increase of sovereign debts, especially in the PIIGS countries (Portugal, Ireland, Italy, Greece, Spain). The situation has degenerated because of the lack of legal leverages through which the member countries should be forced to correct the fiscal imbalances and to meet the macroeconomic convergence criteria imposed. The Treaty on Fiscal Governance in the EU, signed on 2 March 2012, appears to be the key to the macroeconomic recovery in the Euro Zone, due to the more severe budgetary discipline it imposes. This paper, by means of deductive analysis and causal explanations, outlines the current economic situation of the Euro Zone, under the impact of the member countries’ sovereign debt crisis, focusing on Spain and Portugal. In addition to reliable statistics, the paper also presents the EU’s economic recovery strategy that anticipates its future. Unfortunately, the perspective of the Euro Zone is still in a fairly high degree of uncertainty, strongly influenced by the economic development of the member countries and by solving the problems they face. Spain and Portugal are the actual example.

Suggested Citation

  • Ioana-Iulica, MIHAI, 2013. "The European Union Exposed To The Risk Of The Sovereign Debt Crisis. Case Study: Spain And Portugal," Management Strategies Journal, Constantin Brancoveanu University, vol. 22(Special), pages 55-61.
  • Handle: RePEc:brc:journl:v:23:y:2013:i:s:p:55-61
    as

    Download full text from publisher

    File URL: http://www.strategiimanageriale.ro/papers/130506.pdf
    Download Restriction: no

    More about this item

    Keywords

    EU; economic crisis; GDP; sovereign debt;

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:brc:journl:v:23:y:2013:i:s:p:55-61. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dan MICUDA). General contact details of provider: http://www.univcb.ro/ .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.