IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-03461016.html
   My bibliography  Save this paper

The euro area in crisis
[La zone euro en crise]

Author

Listed:
  • Catherine Mathieu

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Henri Sterdyniak

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

The 9th EUROFRAME Conference on economic policy issues in the European Union was held in Kiel on 8 June 2012. The Conference topic was: "The euro area in crisis: challenges for monetary and fiscal policies and prospects for monetary union". Twelve of the papers given at the Conference are released in this issue of the Revue de l'OFCE/Debates and Policies. In 2012, the euro is a failure from many aspects: the euro area is unable to recover the nine percentage points of GDP lost because of the financial crisis; GDP will fall slightly in 2012 and is expected to be stagnant in 2013. In recession times, Member States (MS) are constrained to run austerity policies. Three countries have had to request support from the IMF and Europe, and must implement drastic adjustment plans under the supervision of the Troika (the Commission, the ECB and the IMF). Euro area MS public debts are no longer considered as safe assets; euro-denominated debts have become heterogeneous with financial markets requesting high risk premia on Southern MS government debts. MS economic policies are under permanent financial markets pressure. [First paragraphs of the introduction]

Suggested Citation

  • Catherine Mathieu & Henri Sterdyniak, 2013. "The euro area in crisis [La zone euro en crise]," Post-Print hal-03461016, HAL.
    • Handle: RePEc:hal:journl:hal-03461016
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03461016
    as

    Download full text from publisher

    File URL: https://sciencespo.hal.science/hal-03461016/document
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Jean Pisani-Ferry, 2012. "The Euro crisis and the new impossible trinity," Policy Contributions 674, Bruegel.
    2. Paul De Grauwe, 2013. "The European Central Bank as Lender of Last Resort in the Government Bond Markets," CESifo Economic Studies, CESifo Group, vol. 59(3), pages 520-535, September.
    3. Paul De Grauwe, 2012. "A Fragile Eurozone in Search of a Better Governance," The Economic and Social Review, Economic and Social Studies, vol. 43(1), pages 1-30.
    4. Thomas I. Palley, 2011. "Monetary Union Stability: The Need for a Government Banker and the Case for a European Public Finance Authority," IMK Working Paper 2-2011, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Steininger, Lea & Hesse, Casimir, 2024. "Buying into new ideas: The ECB’s evolving justification of unlimited liquidity," Department of Economics Working Paper Series 357, WU Vienna University of Economics and Business.
    2. Catherine Mathieu & Henri Sterdyniak, 2014. "Redemption?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 51-91.
    3. Lea Steininger & Casimir Hesse, 2024. "Buying into new ideas: The ECB’s evolving justification of unlimited liquidity," Department of Economics Working Papers wuwp357, Vienna University of Economics and Business, Department of Economics.
    4. Rosaria Rita Canale & Paul Grauwe & Pasquale Foresti & Oreste Napolitano, 2018. "Is there a trade-off between free capital mobility, financial stability and fiscal policy flexibility in the EMU?," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 154(1), pages 177-201, February.
    5. Christophe Blot & Jérôme Creel & Paul Hubert & Fabien Labondance, 2014. "Les enjeux du triple mandat de la BCE," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 175-186.
    6. repec:spo:wpecon:info:hdl:2441/7gjmt2p0l896bo3oar8rqd4vvr is not listed on IDEAS
    7. repec:hal:spmain:info:hdl:2441/7gjmt2p0l896bo3oar8rqd4vvr is not listed on IDEAS
    8. Stephan Schulmeister, 2013. "The European Monetary Fund. A systemic problem needs a systemic solution," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 389-424.
    9. repec:hal:spmain:info:hdl:2441/2k5dq3ilav9qd96i67qs9finig is not listed on IDEAS
    10. Kapeller, Jakob & Gräbner, Claudius & Heimberger, Philipp, 2019. "Economic polarisation in Europe: Causes and policy options," ifso working paper series 5, University of Duisburg-Essen, Institute for Socioeconomics (ifso).
    11. Christophe Blot & Jérôme Creel & Paul Hubert & Fabien Labondance, 2014. "Dealing with the ECB's triple mandate?," SciencePo Working papers Main hal-01072114, HAL.
    12. Athanasios Orphanides, 2020. "The fiscal–monetary policy mix in the euro area: challenges at the zero lower bound," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 35(103), pages 461-517.
    13. Niels Gilbert & Jeroen Hessel & Silvie Verkaart, 2013. "Towards a Stable Monetary Union: What Role for Eurobonds?," DNB Working Papers 379, Netherlands Central Bank, Research Department.
    14. repec:spo:wpmain:info:hdl:2441/7gjmt2p0l896bo3oar8rqd4vvr is not listed on IDEAS
    15. repec:hal:wpspec:info:hdl:2441/7gjmt2p0l896bo3oar8rqd4vvr is not listed on IDEAS
    16. Catherine Mathieu & Henri Sterdyniak, 2014. "In search of a better governance in the euro area," Post-Print hal-01053901, HAL.
    17. Irfan Ahmed & Claudio Socci & Ali Medabesh & Francesca Severini & Jacopo Zotti, 2021. "Economic impact of monetary policy: Focus on real estate sector in Italy," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(1), pages 1256-1269, January.
    18. repec:spo:wpmain:info:hdl:2441/2k5dq3ilav9qd96i67qs9finig is not listed on IDEAS
    19. repec:spo:wpmain:info:hdl:2441/pm9j25k5p9bc8fsjhn1ov51ca is not listed on IDEAS
    20. Catherine Mathieu & Henri Sterdyniak, 2012. "Faut-il des règles de politique budgétaire ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(7), pages 299-346.
    21. Christophe Blot & Jérôme Creel & Paul Hubert & Fabien Labondance, 2015. "The QE experience: Worth a try?," Post-Print hal-03459951, HAL.
    22. Christophe Blot & Jérôme Creel & Paul Hubert & Fabien Labondance, 2020. "The role of ECB monetary policy and financial stress on Eurozone sovereign yields," Empirical Economics, Springer, vol. 59(3), pages 1189-1211, September.
    23. Paul de Grauwe, 2013. "Design Failures in the Eurozone: Can they be fixed?," Europe in Question Discussion Paper Series of the London School of Economics (LEQs) 7, London School of Economics / European Institute.
    24. Jean-Pierre Allegret & Hélène Raymond & Houda Rharrabti, 2014. "The impact of the global and eurozone crises on European banks stocks Some evidence of shift contagion," Working Papers hal-04141339, HAL.
    25. Dejan Šoškić, 2015. "Global Financial Reform Since 2008: Achievements and Shortcomings," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 62(3), pages 385-400, June.
    26. Alexandra Ferreira-Lopes & Tiago Neves Sequeira, 2012. "Business Cycles Association in a Small Monetary Union: The Case of Switzerland," Spatial Economic Analysis, Taylor & Francis Journals, vol. 7(1), pages 9-30, March.
    27. repec:hal:spmain:info:hdl:2441/f6h8764enu2lskk9p503i2pp3 is not listed on IDEAS
    28. Ramon Pacheco Pardo, 2012. "Leadership, decision-making and governance in the EU and East Asia: crisis and post-crisis," Asia Europe Journal, Springer, vol. 9(2), pages 77-90, March.

    More about this item

    Keywords

    Euro aera; Debt crisis;

    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:hal:journl:hal-03461016. See general information about how to correct material in RePEc.

    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.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with 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.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.