The euro crisis : a view from the North

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Title: The euro crisis : a view from the North
Author: Honkapohja, Seppo
Organization: Bank of Finland
Series: Bank of Finland Research Discussion Papers
Series number: 12/2013
Year of publication: 2013
Publication date: 28.6.2013
Published in: Published in Journal of Macroeconomics, Volume 39, Part B, March 2014, Pages 260-271
Pages: 21 s.
Keywords: rahoitusmarkkinat; kriisit; euroalue; valtionvelka; vakauttaminen; velkaantuminen; pankkikriisit; säännöt; sääntely; instituutiot;
JEL: E62; E65; F36
Abstract: The paper provides an overview of the sovereign debt crisis. I first consider the build-up of the crisis.I then discuss policy choices when a financial crisis erupts and assess the adjustment processes in the crisis countries, including alternatives to policies of austerity. Finally I take up institutional improvements that can help in resolving the current crisis and avoiding a future one. These include the banking union and the strengthened Stability and Growth Pact and related institutional rules. Current high levels of public and private debt together with still weak bank balance sheets are a major unsolved problem. Publication keywords: financial crisis, sovereign debt, European integration, E62, E65, F36, Seppo Honkapohja

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