Titlebook: Emerging from the Euro Debt Crisis; Making the Single Cu Michael Heise Book 2013 Springer-Verlag Berlin Heidelberg 2013 European dept crisi

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Introduction: Managing Complexity,e formidable challenges. The restoration of some confidence on financial markets should not conceal the long-term challenges to make the European Monetary Union function better in future and to make it more resilient to shocks. Despite somewhat weaker headwinds for government borrowing, the situatio

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The Path to European Monetary Union,330 million people and the GDP of today’s 17-country eurozone adds up to almost EUR 9.5 trillion (2012), ranking second behind the United States. As a project of monetary integration, the euro is without historical precedent. Its governance is complex and unique. Its evolution is embedded in the his

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The Evolution of the Debt Crisis,prime mortgage market in the United States in 2008 and 2009. Obviously, the financial crisis put strain on public budgets. The necessary recapitalisation of banks, the loss of tax revenue and higher spending due to the Great Recession in 2009 as well as public stimulus programmes tore large holes in

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,Economic Impact of the Euro—Who Benefits?,ion and a predominantly high external value. It became attractive as an international currency and ranks second behind the US dollar. Its aura of stability has prompted many neighbouring countries to link their currencies to the euro. The impact of the euro on growth within the union and for the ind

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What Went Wrong with Public Debt and Macroeconomic Stabilization?,ing even for countries like Greece or Portugal that had evident fiscal sustainability problems. Also, many years of deficits above 3 % in Italy did not scare the markets. As argued above, an explanation for the complacency of markets may have been the scepticism that the no-bailout clause of the Maa

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Policy Conclusions, market participants doubt whether indebted countries can actually service their debt in the long run, prices for these government bonds go down and interest rates rise. Higher borrowing costs then actually exacerbate the problem of fiscal consolidation and economic decline due to higher corporate b

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A Final Word,ng the economies in the eurozone have been impressive. Neither the United States nor the UK has seen similar developments in terms of deficit reduction or external rebalancing in recent years. The crisis has triggered major changes in wage costs and the framework of social security and labour market

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978-3-642-43092-3Springer-Verlag Berlin Heidelberg 2013