Causes and Consequences of the Crisis in the Eurozone

The author analyzes the crisis in the eurozone payin special attention to the weakness of the European monetary integration, which has caused the economic destabilization. The author points out three pro‑cyclical factors: divergence of the euro‑countries according to inflation and balance of payments; disappearance of the exchange risk and inflow of short‑term capital in the countries, which couldn’t use it effectively because of structural problems; overreaction of capital markets on peripheral countries debt problems and capital outflow following it. In the end the author analyzes measures which could intensify European integration and raise the profile of the supranational level. The author concludes: the model of “soft integration” that allows international intensification between some country‑groups in the EU is more likely in the future. If all proposed anti‑crisis programs are realized, the crisis could be overcome in 2015.