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Euro Crisis


  • Miroslav Prokopijević

    () (Institute for European Studies, Belgrade, Serbia)


It is argued the current eurozone crisis is neither new nor surprising. Fiscal discipline in the eurozone was weak from its creation in 1999, but ongoing economic prosperity limited the damage. Economic recession deepened the impact of crisis on public finance and pushed some eurozone countries to the edge of bankruptcy. Options available now are costly and painful: foreign bailouts, cuts to expenditures, higher revenues and some combination of the three. They may be conducted both inside and outside the eurozone. If eurozone problems are not solved, financial markets may turn down the euro as a currency, possibly marking the beginning of Euro-disintegration.

Suggested Citation

  • Miroslav Prokopijević, 2010. "Euro Crisis," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 57(3), pages 369-384, September.
  • Handle: RePEc:voj:journl:v:57:y:2010:i:3:p:369-384

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    References listed on IDEAS

    1. repec:dau:papers:123456789/608 is not listed on IDEAS
    2. Andre Cartapanis, 2004. "Le declenchement des crises de change : qu'avons-nous appris depuis dix ans ?," Economie Internationale, CEPII research center, issue 97, pages 5-48.
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    5. Sebastian Edwards, 1989. "Real Exchange Rates in the Developing Countries: Concepts and Measure- ment," NBER Working Papers 2950, National Bureau of Economic Research, Inc.
    6. Janine Aron & Ibrahim Elbadawi & Brian Kahn, 1998. "Determinants of the real exchange rate in South Africa," CSAE Working Paper Series 1997-16, Centre for the Study of African Economies, University of Oxford.
    7. International Monetary Fund, 2002. "Tunisia’s Experience with Real Exchange Rate Targeting and the Transition to a Flexible Exchange Rate Regime," IMF Working Papers 02/190, International Monetary Fund.
    8. Andrew Berg & Paolo Mauro & Michael Mussa & Alexander K. Swoboda & Esteban Jadresic & Paul R Masson, 2000. "Exchange Rate Regimes in an Increasingly Integrated World Economy," IMF Occasional Papers 193, International Monetary Fund.
    9. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
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    Cited by:

    1. Marek Loužek, 2015. "Eurozone Crisis," Prague Economic Papers, University of Economics, Prague, vol. 2015(1), pages 88-104.

    More about this item


    Eurozone; Euro; Fiscal discipline; Reform of public finance; Bailouts; Default; Bankruptcy;

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
    • P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems


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