Echilibrul financiar global şi riscul suveran în perioada post-criză
[The Global Financial Balance and Post-Crisis Sovereign Risk]
Caused by the lack of an international financial regulations framework and under the circumstances of markets volatility persistence, the global financial balances deteriorated during the postcrisis period. The bail-out of the banking system by public or multilateral intervention instead of leading to the financial re-balancing has transferred a systemic risk to the sovereign level, mainly in the case of advanced countries. Addressing high public debts toward sustainable levels by the budgetary constraints of austerity programs has proved to hamper the economic growth, increasing, in fact, the sovereign risk.
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Working Paper Series
1548, European Central Bank.
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