The euro crisis: a view from the North
The paper provides an overview of the sovereign debt crisis. I first consider the build-up of the crisis.I then discuss policy choices when a financial crisis erupts and assess the adjustment processes in the crisis countries, including alternatives to policies of austerity. Finally I take up institutional improvements that can help in resolving the current crisis and avoiding a future one. These include the banking union and the strengthened Stability and Growth Pact and related institutional rules. Current high levels of public and private debt together with still weak bank balance sheets are a major unsolved problem.
|Date of creation:||28 Jun 2013|
|Date of revision:|
|Publication status:||Published as Honkapohja, Seppo, 'The euro area crisis: a view from the North' in Journal of Macroeconomics, 2014, pages 260-271.|
|Contact details of provider:|| Postal: |
Web page: http://www.suomenpankki.fi/en/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Carmen M. Reinhart & M. Belen Sbrancia, 2011.
"The Liquidation of Government Debt,"
NBER Working Papers
16893, National Bureau of Economic Research, Inc.
- Carmen M. Reinhart & M. Belen Sbrancia, 2011. "The Liquidation of Government Debt," BIS Working Papers 363, Bank for International Settlements.
- Carmen M. & M. Belen Sbrancia, 2011. "The Liquidation of Government Debt," Working Paper Series WP11-10, Peterson Institute for International Economics.
- Carmen Reinhart & M. Belen Sbrancia, 2015. "The Liquidation of Government Debt," IMF Working Papers 15/7, International Monetary Fund.
- Obstfeld, Maurice, 2013.
"Finance at Center Stage: Some Lessons of the Euro Crisis,"
CEPR Discussion Papers
9415, C.E.P.R. Discussion Papers.
- Maurice Obstfeld, 2013. "Finance at Center Stage: Some Lessons of the Euro Crisis," European Economy - Economic Papers 493, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
- C. Randall Henning & Martin Kessler, 2012.
"Fiscal Federalism: US History for Architects of Europe's Fiscal Union,"
Working Paper Series
WP12-1, Peterson Institute for International Economics.
- C. Randall Henning & Martin Kessler, 2012. "Fiscal federalism: US history for architects of Europe's fiscal union," Essays and Lectures 669, Bruegel.
- Andersen, Torben M. & Holmström, Bengt & Honkapohja, Seppo & Korkman, Sixten & Söderström Hans Tson, & Vartiainen, Juhana, . "The Nordic Model. Embracing globalization and sharing risks," ETLA B, The Research Institute of the Finnish Economy, number 232, May.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2009.
"Varieties of Crises and Their Dates
[This Time Is Different: Eight Centuries of Financial Folly]," Introductory Chapters, Princeton University Press.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973, March.
- Gylfason, Thorvaldur & Holmström, Bengt & Korkman, Sixten & Söderström, Hans Tson & Vihriälä, Vesa, . "Nordics in Global Crisis. Vulnerability and resilience," ETLA B, The Research Institute of the Finnish Economy, number 242, May.
- Honkapohja, Seppo, 2012. "The 1980s financial liberalization in the Nordic countries," Research Discussion Papers 36/2012, Bank of Finland.
When requesting a correction, please mention this item's handle: RePEc:hhs:bofrdp:2013_012. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Minna Nyman)
If references are entirely missing, you can add them using this form.