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Erschienen in:
Introduction Kapitel lesen Erstes Kapitel lesen

2017 | OriginalPaper | Buchkapitel

3. The Eurozone Debt Crisis

verfasst von : John Theodore, Jonathan Theodore, Dimitrios Syrrakos

Erschienen in: The European Union and the Eurozone under Stress

Verlag: Springer International Publishing

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Abstract

This chapter deals with the debt crisis in further detail and the problematic austerity measures taken to contain it – most notably, the Greek bailout. It also explores the inherent problem of fixed exchange rate regimes in the European Monetary Union.

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Vorheriges Kapitel Europe at a Crossroad
Nächstes Kapitel EU Migration
Fußnoten
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2
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3
Boltho and Carlin, W. ‘EMU’s Problems: Asymmetric Shocks or Asymmetric Behavior?’ Comparative Economic Studies, 55:3, pp. 387–403 (2013).
 
4
Feldstein, ‘EMU and International Conflict’ Foreign Affairs, 76, pp. 60–74 (1997).
 
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Congdon, ‘A Maoist Leap Forward? The Single Currency and European Political Union’ The Selsdon Group: 1–8 (1998). Issing, ‘Europe: Political Union though Common Money?’ Economic Affairs, Occasional Paper 98 (2000). Syrrakos, ‘A Reassessment of the Werner Plan and the Delors Report: Why Did They Experience a Different Fate?’ Comparative Economic Studies, 52:4: 575–588 (2010). doi:10.1057/ces.2010.12.
 
6
Notable exceptions to this are Eichengreen and Wyplotz (2016) that maintain that a banking union and a European deposit guarantee scheme will suffice to ensure the Euro’s viability.
 
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De Grauwe, ‘European Monetary Unification: A Few Lessons for East Asia’ Scottish Journal of Political Economy, 63:1, pp. 7–17 (2016). George, Policy and Politics in European Union. Oxford University Press (1996).
 
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Cesaratto, ‘The Implications of TARGET2 in the European Balance of Payments Crisis and Beyond’ European Journal of Economics and Economic Policy: Intervention, 10:3, pp. 359–382 (2013).
 
11
Syrrakos, D. (2017) ‘On the Greek National Debt’ Economic Review, 34:5, Forthcoming.
 
15
A summary of the summit meeting was published on the 26th October 2011, and is available online at http://​www.​consilium.​europa.​eu/​uedocs/​cms_​data/​docs/​pressdata/​en/​ec/​125645.​pdf.
 
20
International Monetary Fund, ‘Greece: Ex Post Evaluation of Exceptional Access under the 2010 Stand-By Arrangement,’ (Washington DC, June 2013), found at http://​www.​imf.​org/​external/​pubs/​ft/​scr/​2013/​cr13156.​pdf.
 
21
Op. cit., p. 1.
 
22
Op. cit., pp. 22–23.
 
23
Op. cit., pp. 9–10.
 
25
IMF (2013)., p. 1.
 
26
Op. cit., p. 10.
 
30
Stockhammer, ‘The Euro Crisis and Contradictions of Neoliberalism in Europe’ Kingston University, Economic Discussion Papers, 2 (2013).
 
31
O’Rourke and Taylor, ‘Cross of Euros’ Journal of Economic Perspectives, 27:3, pp. 167–192 (2013).
 
32
Gros, ‘Macroeconomic Imbalances in the Euro Area: Symptom or Cause of the Crisis?’ Centre for European Policy Studies, Policy Brief, No. 226, Brussels (2012).
 
33
Centre for Economic Policy Research, ‘Rebooting the Eurozone: Step I – Agreeing a Crisis Narrative’ ‘Policy Insight, No. 85. Centre for Economic Policy Research-CEPR (2015).
 
34
Blanchard, O., Furceri, D. and Pescatori, A. ‘A Prolonged Period of Low Real Interest Rates?’ In Teuling, C. and Baldwin, R. (eds). Secular Stagnation: Facts, Causes and Cures. London: Centre for Economic Policy Research (2014).
 
35
Gros, ‘Macroeconomic Imbalances in the Euro Area: Symptom or Cause of the Crisis?’ Centre for European Policy Studies, Policy Brief, No. 226, Brussels (2012).
 
36
OECD Interim Economic Outlook: Global Growth Warnings: Weak Trade Financial Distortions, September 2016.
 
37
OECD, ‘Global Growth Warning: Weak Trade Financial Distortions’, Interim Economic Outlook, 2016.
 
38
Gros and Thygesen, European Monetary Integration: From EMS to EMU. Longman, London (1998).
 
39
Artis and Zhang, ‘International Business Cycles and the ERM: Is There a European Business Cycle?’ Oxford Economic Papers 51, pp. 1–16 (1997). Artis, ‘Should the UK Join EMU?’ National Institute Economic Review 171, pp. 70–81 (2000).
 
40
Artis, M. and Zhang, W. ‘International Business Cycles and the ERM: Is There a European Business Cycle?’ International Journal of Finance and Economics, 2:1, pp. 1–16 (1997).
 
41
Wyplosz, C. (2016) ‘The Eurozone Crisis: Too Few Lessons Learned’ http://​voxeu.​org/​article/​eurozone-crisis-too-few-lessons-learned.
 
42
Lucarelli, ‘German Neomercantilism and the European Sovereign Debt Crisis’ Journal of Post-Keynesian Economics, 34:2, pp. 205–224 (2012).
 
43
Syrrakos, ‘The Franco–German Alliance and Its Role in the Process of European Monetary Integration, 1944–2010 – Lessons for Today’ Olsztyn Economic Journal, 11:2, pp. 119–135 (2016).
 
44
Szasz, The Road to European Monetary Union. Macmillan Press Ltd. (1999).
 
45
Ungerer, A Concise History of European Monetary Integration: From EPU to EMU. Quorum Books (1997).
 
46
Treaty on European Union, Maastricht Treaty. Luxemburg, Office for Publications of the European Communities (1992).
 
47
Artis, ‘Should the UK Join EMU?’ National Institute Economic Review 171, pp. 70–81 (2000).
 
48
Gros and Thygesen, European Monetary Integration: From EMS to EMU. Longman, London (1998).
 
49
Centre for Economic Policy Research, ‘Rebooting the Eurozone: Step I – Agreeing a Crisis Narrative’ Policy Insight, No. 85. Centre for Economic Policy Research-CEPR (2015).
 
50
HM Treasury, ‘The United States as a Monetary Union; EMU Study’ Stationery Office (2003b).
 
51
Micossi, ‘The Monetary Policy of the European Central Bank (2002–2015)’, CEPS Special Report, No. 109 (2015).
 
52
HM Treasury, ‘The Five Tests Framework: EMU Study’ Stationery Office (2003a). HM Treasury, ‘The United States as a Monetary Union; EMU Study’ Stationery Office (2003b).
 
53
Micossi, ‘The Monetary Policy of the European Central Bank (2002–2015)’, CEPS Special Report, No. 109 (2015).
 
58
On SKY 31st August 2016.
 
Literatur
Congdon, T. (1998) A Maoist Leap Forward? The Single Currency and European Political Union. London, United Kingdom: The Selsdon Group: 1–8.
Eichengreen, B. Wyplotz (2016) ‘Minimal Conditions for the Survival of the Euro’ Inter-economics, 51(1), 24–28, 10.1007/s10272-016-0569-z.
Issing, O. (2000) ‘Europe: Political Union though Common Money?’ Economic Affairs, Occasional Paper 98.
Metadaten
Titel
The Eurozone Debt Crisis
verfasst von
John Theodore
Jonathan Theodore
Dimitrios Syrrakos
Copyright-Jahr
2017
Buch
The European Union and the Eurozone under Stress

Print ISBN: 978-3-319-52291-3

Electronic ISBN: 978-3-319-52292-0

Copyright-Jahr: 2017

DOI
https://doi.org/10.1007/978-3-319-52292-0_3