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Article
Policy Options to Durably Resolve Euro Area Imbalances
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Year: 2013 Publisher: Paris : OECD Publishing,

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A simple econometric framework is presented linking current account balances of euro area countries to intra and extra euro area competitiveness, cyclical positions, fiscal positions and the oil price. The framework is then used to cyclically-adjust observed current account balances and illustrate the scale of the additional adjustments to competitiveness and/or fiscal balances required in the euro area periphery to bring structural current account balances to levels compatible with sustainable net external debt levels. In Spain and Portugal, cost competitiveness relative to the rest of the euro area would need to improve by about 30%, and by more than twice that in Greece. In peripheral countries, a combination of structural reforms to boost productivity and enhance the flexibility of labour markets, ambitious fiscal consolidation and reductions in labour taxes could substantially facilitate the rebalancing process and reduce the extent to which the burden of adjustment is reliant on further prolonged demand weakness. Surplus and/or strong competitiveness countries could help by likewise making labour and product markets more flexible, accepting above-normal inflation for an extended period and boosting demand, perhaps through reduced fiscal austerity.

Keywords

Governance --- Economics --- Euro Area


Article
Policy Options to Durably Resolve Euro Area Imbalances
Authors: ---
Year: 2013 Publisher: Paris : OECD Publishing,

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Abstract

A simple econometric framework is presented linking current account balances of euro area countries to intra and extra euro area competitiveness, cyclical positions, fiscal positions and the oil price. The framework is then used to cyclically-adjust observed current account balances and illustrate the scale of the additional adjustments to competitiveness and/or fiscal balances required in the euro area periphery to bring structural current account balances to levels compatible with sustainable net external debt levels. In Spain and Portugal, cost competitiveness relative to the rest of the euro area would need to improve by about 30%, and by more than twice that in Greece. In peripheral countries, a combination of structural reforms to boost productivity and enhance the flexibility of labour markets, ambitious fiscal consolidation and reductions in labour taxes could substantially facilitate the rebalancing process and reduce the extent to which the burden of adjustment is reliant on further prolonged demand weakness. Surplus and/or strong competitiveness countries could help by likewise making labour and product markets more flexible, accepting above-normal inflation for an extended period and boosting demand, perhaps through reduced fiscal austerity.

Keywords

Governance --- Economics --- Euro Area


Book
Die euro- krise.
Author:
ISBN: 3486781006 9783486781007 1306529026 348671791X Year: 2013 Publisher: [Place of publication not identified] Oldenbourg Wissenschaftsv

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dieses Buch beschreibt und erklärt erstmals und komplex die Staatsschuldenkrise der Europäischen Währungsunion. Es werden die Verursachung im Vorfeld der Gründung und die vor allem makroökonomische Entwicklung der Euro - Krise in ihrer inneren Logik analysiert. Auf dieser Grundlage erfolgt die Darstellung der unterschiedlichen Instrumente der EU zur Stabilisierung sowie die Ableitung der notwendigen wirtschafts-, finanz- und geldpolitischen Schritte zur Erhaltung der Europäischen Währungsunion. Bei der Betrachtung der politischen und wirtschaftlichen Entwicklung der Europäischen Währungsunion und ihres derzeitigen Zustandes stellen sich drängend Fragen nach den Ursachen, den inneren Zusammenhängen und den Folgen der Euro-Krise. Es müssen Antworten gefunden werden, ob und wie in der Zukunft Krisen dieser Tragweite verhindert werden können und welche politischen, insbesondere aber wirtschafts-, finanz- und geldpolitische Entscheidungen getroffen sowie europarechtliche Konsequenzen gezogen werden müssen. In diesem Sinne soll das Buch dazu einen Beitrag leisten.


Book
Europe's deadlock
Author:
ISBN: 0300204388 0300201206 1299781039 9780300204384 9781299781030 9780300201208 Year: 2013 Publisher: New Haven

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In this short, fiercely argued book, David Marsh explains how five years of continuous crisis management not only have failed to resolve the EurozoneÆs problems but have actually made things worse. While austerity-wracked southern states descend into misery and resentment, creditor countriesùled by Germanyùfear that they will be forced to subsidize their weaker brethren indefinitely. Constructive dialogue has collapsed as European decision making descends into terrified paralysis, and the potential paths out of the impasse are blocked by indecision and incompetence at the top. As voters in Greece and Italy rebel against externally imposed hardship, and the sums needed to bail out failed economies reach ever more staggering proportions, the contradictions at the heart of the European project are becoming more and more obvious. Marsh warns that the current succession of complex technical fixes cannot sustain the Eurozone on life support indefinitely. Radical solutions are on offer, but without leaders who are strong and principled enough to push them through, Europe risks a depressing future of permanent decline.


Book
Inflation and Output Comovement in the Euro Area : Love at Second Sight?
Authors: --- --- ---
ISBN: 1484331273 1475531206 1616357053 Year: 2013 Volume: WP/13/192 Publisher: Washington, D.C. : International Monetary Fund,

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This paper discusses comovement between inflation and output in the euro area. The strength of the comovement may not be apparent at first sight, but is clear at business cycle frequencies. Our results suggest that at business cycle frequency, the output and core inflation comovement is high and stable, and that inflation lags the cycle in output with roughly half of its variance. The strong relationship of output and inflation hints at the importance of demand shocks for the euro area business cycle.


Book
The great Eurozone disaster : from crisis to global new deal
Authors: ---
ISBN: 9781780324784 9781780324791 1780324782 1780324790 1780324812 1780324820 1780324804 1299283721 9781780324807 9781780324814 9781299283725 1350223204 Year: 2013 Publisher: London Zed Books

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The eurozone has lurched from crisis to calamity. With Greece, Portugal and Ireland driven to the brink of economic catastrophe, and the threat that other EU countries are soon to follow, the consequences for the global economy could be dire. In The Great Eurozone Disaster, Heikki Patomäki provides a captivating narrative about how Europe ended up in its present predicament and offers a radical new vision for 'democratic global Keynesianism' as the most viable way out of the current crisis.


Book
The Euro Area Crisis : Need for a Supranational Fiscal Risk Sharing Mechanism?
Authors: --- ---
ISBN: 1475514840 Year: 2013 Volume: WP/13/198 Publisher: Washington, D.C. : International Monetary Fund,

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The aim of this paper is to assess the effectiveness of risk sharing mechanisms in the euro area and whether a supranational fiscal risk sharing mechanism could insure countries against very severe downturns. Using an unbalanced panel of 15 euro area countries over the period 1979-2010, the results of the paper show that: (i) the effectiveness of risk sharing mechanisms in the euro area is significantly lower than in existing federations (such as the U.S. and Germany) and (ii) it falls sharply in severe downturns just when it is needed most; (iii) a supranational fiscal stabilization mechanism, financed by a relatively small contribution, would be able to fully insure euro area countries against very severe, persistent and unanticipated downturns.


Book
The EU and the Eurozone crisis : policy challenges and strategic choices
Author:
ISBN: 9781409457299 9781315616278 9781317033509 9781317033516 9781138267176 140945729X Year: 2013 Publisher: Farnham: Ashgate,

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The global financial crisis, which started in the United States in 2007, spread to Europe in 2009. It especially hit Portugal, Ireland, Italy, Greece, and Spain, countries which have introduced the single currency, the euro. These eurozone countries no longer have monetary policy autonomy, so they do not have the option of devaluation to increase competitiveness. The crisis has shown that the Economic and Monetary Union (EMU) created in 1993, and which led to the single currency in 1999, is faulty. Its built-in asymmetry, with centralised monetary policy and decentralised fiscal policy, should be expected to create problems. Part of the response to the crisis so far has been incremental moves towards fiscal and banking union, which will mean a deepening of European integration at a time when many observers believed that a certain equilibrium had been reached after the entry into force of the Lisbon Treaty in 2009. This book focuses on these developments as well as analysing other economic policies that affect the general economic welfare of the EU, including agriculture, trade and immigration policies. The book puts the eurozone crisis into the wider context of deepening and widening.


Book
Geld en financiewezen : België in de eurozone
Authors: --- --- ---
ISBN: 9789045542577 Year: 2013 Publisher: Berchem De Boeck

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Geld en financiewezen is een toegankelijk boek voor studenten, professionals en voor iedereen die zich wil verdiepen in de financiële wereld. Het boek is grondig herwerkt in het licht van de sterk verander(en)de financiële wereld.Bron : http://www.boekenbank.be

Keywords

bankwezen --- Money. Monetary policy --- geldhandel --- financiën --- beleggen --- International finance --- Belgium --- Euro area --- Finance --- Handbooks, manuals, etc. --- Academic collection --- BE / Belgium - België - Belgique --- 333.741.0 --- 333.110 --- 333.480 --- 333.600 --- 333.610 --- 333.632.0 --- 333.633 --- 333.662 --- 345.1 --- geld --- financieringsleer --- België --- 336.7 --- Euro --- financiële markten --- Belgie --- Geld --- Banken --- markten --- financiewezen --- geldwezen --- 336.1 --- België en EU --- Monetaire politiek ; België --- 336.1 <493> --- 336.74 --- 336.7 Geldwezen. Kredietwezen. Bankwezen. Financien. Monetaire econonomie. Beurswezen --- Geldwezen. Kredietwezen. Bankwezen. Financien. Monetaire econonomie. Beurswezen --- 336.1 <493> Public finance, government finance in general--België --- Public finance, government finance in general--België --- 336.1 Public finance, government finance in general--EC --- Public finance, government finance in general--EC --- krediet op korte termijn. geldmarkt: Algemeenheden. --- Centrale banken en parastatale kredietinstellingen: algemeen. Overheidsbemoeiïng inzake organisatie en verdeling van het krediet. --- Geldstelsel. --- Financiële markten. Kapitaalmarkten (algemeenheden). --- Effectenbeurzen: algemeenheden. --- Obligaties: algemeenheden. --- Aandelen. --- Internationale uitgiften van effecten. Euro-uitgiften. --- bank- en beurswezen --- Geldwezen ; algemeen --- Geld. Monetaire politiek --- economie --- PHL-Business 13 --- krediet op korte termijn. geldmarkt: Algemeenheden --- Centrale banken en parastatale kredietinstellingen: algemeen. Overheidsbemoeiïng inzake organisatie en verdeling van het krediet --- Geldstelsel --- Financiële markten. Kapitaalmarkten (algemeenheden) --- Effectenbeurzen: algemeenheden --- Obligaties: algemeenheden --- Aandelen --- Internationale uitgiften van effecten. Euro-uitgiften --- Bankwezen --- Beurs (financiewezen) --- Financiewezen --- Instellingen --- Handboeken --- Eenheidsmunt --- Economie --- Aandeel --- Overheidsinstelling --- EURO --- Management


Book
Europe's deadlock: how the Euro crisis could be solved, and why it won't happen
Author:
ISBN: 9780300201208 Year: 2013 Publisher: New Haven (Conn.) Yale University Press

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Keywords

EEC / European Union - EU -Europese Unie - Union Européenne - UE --- 334.151.20 --- 334.151.1 --- 331.31 --- Monetary policy --- -Currency crises --- -Financial crises --- -Union européenne --- Crise monétaire --- Politique monétaire --- 330.9 --- 332.494 --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Business cycles --- Financial crises --- Currency question --- Foreign exchange --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Economische en monetaire unie van de Europese Gemeenschappen: algemeenheden. --- EG : economisch en monetair beleid. --- Economisch beleid. --- Europese unie --- Monetaire crisis --- Monetair beleid --- Euro area --- European Union countries --- -EU countries --- Euroland --- Europe --- -Economic policy --- Union européenne --- política monetaria --- νομισματική πολιτική --- politică monetară --- měnová politika --- menová politika --- rahapolitiikka --- pinigų politika --- Geldpolitik --- política monetária --- monetary policy --- monetārā politika --- monetair beleid --- rahapoliitika --- валутна политика --- penningpolitik --- monetarna politika --- монетарна политика --- polityka walutowa --- monetær politik --- politica monetaria --- politika monetarja --- monetáris politika --- politikë monetare --- currency reform --- monetární politika --- monetaire stabiliteit --- menová situácia --- νομισματική μεταρρύθμιση --- pinigų reforma --- situazione monetaria --- naudas politika --- monetáris helyzet --- měnová situace --- menová reforma --- currency situation --- situação monetária --- situación monetaria --- money policy --- valuuttatilanne --- situatë valutore --- reformă monetară --- penningreform --- νομισματική κατάσταση --- Währungspolitik --- Währungslage --- riforma monetaria --- monetáris reform --- monetarinė politika --- peňažná politika --- reformë valutore --- reforma monetária --- valuutareform --- valuutasituatsioon --- situație monetară --- novčarska politika --- pénzpolitika --- situation monétaire --- pénzreform --- rahareform --- réforme monétaire --- novčana politika --- valūtas reforma --- Geld- und Kreditpolitik --- reforma monetaria --- stabilità monetaria --- монетарна реформа --- Währungsreform --- monetaire situatie --- politika e parasë --- monetaarpoliitika --- monetaire hervorming --- piniginė padėtis --- valuuttauudistus --- měnová reforma --- monetär situation --- krizë monetare --- monetaire crisis --- crisi monetaria --- měnová krize --- valuuttakriisi --- crisis monetaria --- monetarna kriza --- denarna kriza --- monetáris válság --- menová kríza --- valutakrise --- valūtas krīze --- парична криза --- criză monetară --- pinigų krizė --- Währungskrise --- crise monetária --- valutakris --- valuutakriis --- kryzys walutowy --- νομισματική κρίση --- kriżi monetarja --- monetary crisis --- монетарна криза --- géarchéim airgeadra --- kriżi finanzjarja --- krize měny --- crise financière --- finanční krize --- criză financiară --- finanšu krīze --- géarchéim airgeadais --- rahanduskriis --- nemzetközi pénzügyi válság --- Schuldenkrise --- crise financeira --- monetær krise --- rahoituskriisi --- finančná kríza --- crisi finanziaria --- krizë financiare --- finansiell kris --- currency crisis --- finančna kriza --- finanskris --- finantskriis --- kryzys finansowy --- financial crisis --- финансијска криза --- internationale Finanzkrise --- pénzügyi válság --- меѓународна финансиска криза --- валутна криза --- financiële crisis --- crisis financiera --- mezinárodní finanční krize --- финансиска криза --- χρηματοοικονομική κρίση --- должничка криза --- finanskrise --- krize finančního systému --- криза на финансискиот систем --- Finanzkrise --- финансова криза --- finansinė krizė --- Europese Unie --- Europska unija --- União Europeia --- Ευρωπαϊκή Ένωση --- Európska únia --- Európai Unió --- Europäische Union --- Europos Sąjunga --- Evropská unie --- Европска унија --- Unjoni Ewropea --- Европейски съюз --- Europeiska unionen --- European Union --- Euroopan unioni --- Eiropas Savienība --- Unión Europea --- Evropska unija --- Unia Europejska --- Unione europea --- Uniunea Europeană --- Den Europæiske Union --- Европска Унија --- Euroopa Liit --- an tAontas Eorpach --- Bashkimi Europian --- Sąjungos institucija --- Sąjungos teisė --- právo Únie --- νόμος της Ένωσης --- Savienības tiesības --- wet van de Unie --- legge dell'Unione --- Europæisk Union --- unionslagstiftning --- atto dell'Unione --- AE --- loi de l'Union --- EU --- e drejta e Bashkimit --- ЕУ --- lege a Uniunii Europene --- Union law --- Economische en monetaire unie van de Europese Gemeenschappen: algemeenheden --- EG : economisch en monetair beleid --- Economisch beleid --- beartas airgeadaíochta --- -Europe --- EU countries --- géarchéim airgeadaíochta --- Politique monétaire --- Union européenne --- Crise monétaire

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