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Euro-Rettungsschirm: Bilanz nach fünf Jahren

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  • Jürgen Matthes

Abstract

The euro rescue fund fills an institutional gap in the architecture of EMU, as it can prevent solvent euro countries from being pushed into default. An important pillar of this architecture is the principle of conditionality, which conditions financial support on a reform programme. This principle has to be safeguarded against attempts to strengthen political influence over the ESM and other rescue institutions. Taking stock, the prescribed rescue and reform strategy has proven broadly successful in Ireland, Spain and Portugal. While challenges remain regarding public and private debt levels, all three countries now benefit from solid (and in some cases dynamic) growth in GDP, domestic demand and exports after having implemented substantial reforms. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2015

Suggested Citation

  • Jürgen Matthes, 2015. "Euro-Rettungsschirm: Bilanz nach fünf Jahren," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 95(6), pages 422-428, June.
    • Handle: RePEc:spr:wirtsc:v:95:y:2015:i:6:p:422-428
    DOI: 10.1007/s10273-015-1842-7
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    Keywords

    E02; F45; O52;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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