The crisis of the sovereign debts in the Eurozone: an overview
The public debt crisis threatening the survival of the euro area. This crisis could appear as a byproduct of the global financial crisis. In fact, it refers to structural problems specific to Europe and the question of optimal currency area which has been in place since 1999. The sovereign debt crisis highlights a number of inconsistencies and difficulties faced by the rescue measures in European countries "devices". This crisis has its roots in the European construction itself, a Stability Pact that guaranteed nothing in the debt sustainability in the absence of political solutions and with enlargements precipitates. It opens the way to several options: issuing eurobonds, fiscal federalism or separation of the euro area.
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