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The Sovereign Debt Crisis: Causes and Consequences

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  • Gunther Tichy

    (WIFO)

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    Abstract

    The quasi-global sovereign debt crisis is currently the focus of the political debate and of media attention. The origins of the crisis have long been considered too narrowly, with often one-dimensional solutions being proposed. A somewhat more comprehensive approach was first adopted at the EU Council Meetings of October and December 2011, thereby providing a major step towards the resolution of the most pressing problems. Tighter fiscal policy and more ample resources for the stabilisation fund are important moves. Nevertheless, a lasting solution must take a broader perspective and address certain deficiencies in the setup of EMU that were brought to the fore by the uneven economic performance of its members.

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    Article provided by WIFO in its journal Quarterly.

    Volume (Year): 17 (2012)
    Issue (Month): 2 (May)
    Pages: 95-107

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    Handle: RePEc:wfo:wquart:y:2012:i:2:p:95-107
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    Keywords: Euro Crisis Rating Agencies Ratings;

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