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A Comprehensive Approach to the Euro-Area Debt Crisis

Author

Listed:
  • Zsolt Darvas
  • Jean Pisani-Ferry
  • André Sapir

Abstract

The euro area’s sovereign debt crisis continues though significant steps have been taken to resolve it. This paper proposes a comprehensive solution to the crisis based on three pillars: a plan to restore banking sector soundness in the whole euro area, a resolution of sovereign debt crisis - including a revision of EU assistance facilities and a reduction of the Greek public debt - and a strategy to foster growth and competitiveness. The paper provides novel estimates and analysis focusing on the current situation of Greece, Ireland, Portugal and Spain.

Suggested Citation

  • Zsolt Darvas & Jean Pisani-Ferry & André Sapir, 2011. "A Comprehensive Approach to the Euro-Area Debt Crisis," Working Papers 1101, Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest.
  • Handle: RePEc:mkg:wpaper:1101
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    File URL: http://web.uni-corvinus.hu/matkg/working_papers/wp_2011_1_darvas_pisaniferry_sapir.pdf
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    References listed on IDEAS

    as
    1. Geert Bekaert, 2001. "Expectations Hypotheses Tests," Journal of Finance, American Finance Association, vol. 56(4), pages 1357-1394, August.
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    More about this item

    Keywords

    fiscal sustainability; euro-area crisis; financial interdependence;

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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