The Eurozone Crisis PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download The Eurozone Crisis PDF full book. Access full book title The Eurozone Crisis by Richard E. Baldwin. Download full books in PDF and EPUB format.
Author: Richard E. Baldwin
Publisher:
ISBN: 9781907142932
Category :
Languages : en
Pages :
Get Book Here
Book Description
Author: Richard E. Baldwin
Publisher:
ISBN: 9781907142932
Category :
Languages : en
Pages :
Get Book Here
Book Description
Author: Costas Lapavitsas
Publisher: Verso Books
ISBN: 1844679691
Category : Political Science
Languages : en
Pages : 273
Get Book Here
Book Description
First, there was the credit crunch, and governments around the world stepped in to bail out the banks. The sequel to that debacle is the sovereign debt crisis, which has hit the eurozone hard. The hour has come to pay the piper, and ordinary citizens across Europe are growing to realize that socialism for the wealthy means punching a few new holes in their already-tightened belts. Building on his work as a leading member of the renowned Research on Money and Finance group, Costas Lapavitsas argues that European austerity is counterproductive. Cutbacks in public spending will mean a longer, deeper recession, worsen the burden of debt, further imperil banks, and may soon spell the end of monetary union itself. Crisis in the Eurozone charts a cautious path between political economy and radical economics to envisage a restructuring reliant on the forces of organized labour and civil society. The clear-headed rationalism at the heart of this book conveys a controversial message, unwelcome in many quarters but soon to be echoed across the continent: impoverished states have to quit the euro and cut their losses or worse hardship will ensue.
Author: William R. Cline
Publisher: Peterson Institute
ISBN: 0881326496
Category : Business & Economics
Languages : en
Pages : 305
Get Book Here
Book Description
What began as a relatively localized crisis in Greece in early 2010 soon escalated to envelop Ireland and Portugal. By the second half of 2011, the contagion had spread to the far larger economies of Italy and Spain. In mid-September the Peterson Institute and Bruegel hosted a conference designed to contribute to the formulation of policies that could help resolve the euro area debt crisis. This volume presents the conference papers; several are updated through end-2011. European experts examine the political context in Greece (Loukas Tsoukalis), Ireland (Alan Ahearne), Portugal (Pedro Lourtie), Spain (Guillermo de la Dehesa), Italy (Riccardo Perissich), Germany (Daniela Schwarzer), and France (Zaki La�di). Lessons from past debt restructurings are then examined by Jeromin Zettelmeyer (economic) and Lee Buchheit (legal). The two editors separately consider the main current policy issues: debt sustainability by country, private sector involvement and contagion, alternative restructuring approaches, how to assemble a large emergency financing capacity, whether the European Central Bank (ECB) should be a lender of last resort, whether joint-liability "eurobonds" would be feasible and desirable, and the implications of a possible break-up of the euro area. The luncheon address by George Soros and a description (by Steven R. Weisman with Silvia B. Merler) of the policy simulation game played on the second day of the conference complete the volume. Involving market participants and experts representing the roles of euro area governments, the ECB, IMF, G-7, and credit rating agencies, the game led to a proposal for leveraging the capacity of the European Financial Stability Facility through arrangements with the ECB.
Author: Paul van den Noord
Publisher:
ISBN: 9789279153631
Category : European Union countries
Languages : en
Pages : 0
Get Book Here
Book Description
The European economy is emerging from its deepest recession since the 1930s. This volume, which brings together economic analysis from the European Commission services, explains how swift policy response avoided a financial meltdown. Europe also needs an improved co-ordinated crisis-management framework to help it respond to any similar situations that may arise in the future. Economic Crisis in Europe is a much-anticipated volume which shows that the beginnings of such a crisis-management framework are emerging, building on existing institutions and legislation and complemented by new initiatives.
Author: Jean Pisani-Ferry
Publisher: Oxford University Press, USA
ISBN: 0199993335
Category : Business & Economics
Languages : en
Pages : 225
Get Book Here
Book Description
The euro's life, while only slightly more than a decade long, has been riddled by a series of challenges and crises. The disparity between the prosperous Northern countries of Germany and France and the plummeting Southern countries, including Italy and Greece, has exacerbated problems withinthe political and economic union of the Eurozone. The North, especially Germany, has debated where to draw the line between doing whatever is necessary to save the common currency and what they have viewed as a charity bailout of countries who flouted the rules for a decade and suffered predictableconsequences. Meanwhile, Southern countries such as Italy, Spain, and Greece have grown increasingly bitter at the attitudes of their partners to the North. Amidst loud and frequent debates, solutions including routes for increased integration and punitive policies and reforms have been enacted anddiscarded to a limited degree of success. The struggles facing this monetary union continue to unfold even today.The Euro Crisis and Its Aftermath was written to inform readers about the history of this enduring European crisis and the alternative proposals for ending it. In four parts, Jean Pisani-Ferry explains the origins of the European currency, the build-up of imbalances and oversights that led to thecrisis, the choices European policymakers have both addressed and ignored since 2010, the evolution of the policy agenda, and possible options for the future. The book is as much of an informative and analytical history as it is a prescriptive solution for a more prosperous future world economy.Rather than putting forth and supporting a thesis, Pisani-Ferry helps readers understand the past and present of the euro crisis and form their own opinions about potential solutions. It has grown out of his book Le Reveil des Demons published in France in 2011. The content has been updatedextensively to cover the events of the past few years and augmented to better explain the Eurozone to a global audience. This book is not intended to reach only economists, as time has long passed since European monetary unification was a debate limited to academics. This book is also for the policymakers searching for solutions, citizens of Europe enduring the consequences, and the international community that has felt the effects of an unstable Eurozone.
Author: Nikos Petropoulos
Publisher: Cambridge Scholars Publishing
ISBN: 1443861014
Category : Social Science
Languages : en
Pages : 550
Get Book Here
Book Description
During the past four years, the countries of the European periphery – the so-called PIIGS (Portugal, Ireland, Italy, Greece and Spain) – have been experiencing an economic-financial crisis that can only be compared to the Great Depression. To solve the crisis, the EU and the IMF instituted bailout programs for the debit countries on conditions of austerity and structural reforms. In this volume 20 social scientists, using both theoretical and empirical tools, delve into the causes and the social impacts of this crisis. The volume also provides an excellent background for a better comprehension of the dynamics of structural and political changes now taking place within the European Union. The social impacts cover a range of consequences, including poverty, unemployment, anti-migrant attitudes, a decline of welfare and health indicators, post-traumatic stress disorders, national humiliation, political alienation and social protest. The authors analyse the “international” and the “domestic” causes of the crisis, while some of them underline the importance of both factors. In the concluding chapter, the editors undertake a synthesis of the previous chapters, and extract a number of policy recommendations that – if adopted – could transform the current financial crisis into a growth-opportunity for the European Union and its member states.
Author: Matthew Lynn
Publisher: John Wiley & Sons
ISBN: 1119990688
Category : Business & Economics
Languages : en
Pages : 290
Get Book Here
Book Description
Athens, Greece—May Day 2010. The International Monetary Fund (IMF) and the European Union (EU) were putting together the final details of a $100 billion euro rescue package for the country. The Greek Prime Minister, George Papandreou, had agreed to a savage package of “austerity measures” involving cuts in public spending and lower salaries and pensions. Outside, riot police were deployed as protestors gathered to fight the austerity program. A country with a history of revolution and dictatorship hovered on the brink of collapse—with the world’s financial markets watching to see if the deal cobbled together would be enough to both calm the markets and rescue the Greek economy, and with it the euro, from oblivion. In Bust: Greece, the Euro, and the Sovereign Debt Crisis, leading market commentator Matthew Lynn blends financial history, politics, and current affairs to tell the story of how one nation rode the wave of economic prosperity and brought a continent, a currency, and, potentially, the global financial system to its knees. Bust is a story of government deceit, unfettered spending, and cheap borrowing: a tale of financial folly to rank alongside the greatest in history. It charts Greece’s rise, and spectacular fall from grace, but it also explores the global repercussions of a financial disaster that has only just begun. It explains how the Greek debt crisis spread like wildfire through the rest of Europe, hitting Ireland, Portugal, Italy, and Spain, and ultimately provoking a crisis that brought the euro to the edge of collapse. And it argues that the Greek crisis is just the start of a decade of financial turmoil that will eventually force the break up of the euro, and a massive retrenchment in the living standards of all the developed economies. Written in a lively and entertaining style, Bust: Greece, the Euro, and the Sovereign Debt Crisis is an engaging and informative account of a country gone wrong and a must-read for anyone interested in world events and global economics.
Author: Richard Wood
Publisher: Createspace Independent Publishing Platform
ISBN: 9781481023214
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
This book challenges the macroeconomic policy orthodoxies currently being applied in most European countries. The book identifies the misplaced policy orthodoxies and then sets out 23 policy principles (including new economic policy paradigms) that should guide economic policy-making in Europe going forward. The new overarching policy objective should be to provide stimulus and economic growth without raising public debt. The book argues that current fiscal austerity policies are taking the periphery economies and the United Kingdom in the wrong direction. The book establishes the case for a reversal of policy aimed at providing economic stimulus and growth. Austerity forces real wages to fall in an uncoordinated manner, lowers demand and tax revenue, raises unemployment and adds to budget deficits and the level of public debt. The book explains why the financing on-going budget deficits by the issuance of new government bonds adds to public debt and could result in higher interest rates. It is also demonstrated that creating new money to purchase government bonds on the secondary market is a second or third best policy. The book recommends that, instead, new money creation should be used to finance on-going fiscal deficits. By this method economic stimulus can be delivered without raising public debt further. To resolve the external competitiveness problem that afflicts the periphery countries the book recommends a prices and incomes policy. This policy would replace austerity to achieve the right balance between wages and prices, and the required deflation in prices. Under this approach there is no need to increase unemployment. The book explains how the new approach to monetary and fiscal policy coordination could be implemented. Potential options include the central bank or the Ministry of Finance creating new money to finance the fiscal deficit. As well, the book explains how this policy can be implemented in a way that does not increase inflation. The book proceeds in the following way. There are 4 chapters which provide illustrations of how the author has challenged orthodoxies and provided new policy paradigms. These chapters cover the global economic crisis (Chapter 2); the stagflation/real wage problem that occurred in Australia between 1974 and 1982 (Chapter 3); the crisis in respect of the taxation of hybrid financial instruments (Chapter 4); and, the chronic balance of payments crisis present in most Pacific island microstates (Chapter 5). Chapter 2 explains why further quantitative easing will do little to resolve the problem of inadequate aggregate demand. The problems created by continued quantitative easing are identified. Chaoter 2 also explains the history and benefits of the proposed policy of creating new money not to benefit the banks and bond traders (as with QE), but to benefit the real economy: the unemployed, small business and infrastructure projects, where marginal propensities to consume are relatively high. Chapter 3 illustrates how stagflation and high real wage cost problems were resolved in Australia during the 1980s. The solution involved the application of a prices and incomes policy to lower real wages while simultaneously lowering nominal wages and prices. This application of a prices and incomes policy in Australia provides insights as to how a prices and incomes policy could be applied in European periphery countries today, not to lower real wages but to lower prices and improve international competitiveness. Chapter 5 develops a new measure called 'the distance form external balance'. This measure demonstrates that it is the microstates among Pacific island countries are furthest from external balance. The chapter reviews policy options and argues that current 'dollarisation' policies are inappropriate and should be changed. The general policy principles applying in the Pacific currency unions are applicable to the periphery countries in the Eurozone.
Author: John Authers
Publisher: FT Press
ISBN: 0133133745
Category : Business & Economics
Languages : en
Pages : 130
Get Book Here
Book Description
Will the Euro survive? Where is the European financial crisis headed? What will it mean for global and US markets? In this short book, internationally respected Financial Times journalist John Authers illuminates today's European financial crisis and the massive forces increasingly buffeting world and US economies. Authers explains why a strong recovery remains far away, why the risk of a disastrous "final" crisis remains terrifyingly real, and how investors can best navigate today's brutally challenging markets. The European Financial Crisis reveals why the 2010/2011 market rallies were so fearful, and why their underlying assumptions -- continued Chinese growth, bailouts, progress towards bank solvency, more easy "Fed" money -- have proven so tenuous. Above all, Authers shows how the Eurozone crisis uncovers today's worst unaddressed risk: the markets' loss of confidence in governments. This brief discussion offers insights into underlying flaws in the banking system and the Eurozone's structure that remain unaddressed; how cheap money and bailouts have bought time that is rapidly running out; and the increasingly frightening signs of "perverse synchronization": forex, equity, credit, and commodity markets massively moving in tandem. He also offers specific recommendations for what policymakers can and must do now to restore the long-term health of the global markets.
Author: Carlo Bastasin
Publisher: Brookings Institution Press
ISBN: 0815726147
Category : Business & Economics
Languages : en
Pages : 565
Get Book Here
Book Description
In this gripping narrative, Carlo Bastasin reconstructs the main political decisions of the euro crisis, unveiling the hidden interests and the secret diplomacy behind the scene. The European dream was both the rejection of war and the creation of a new spirit of peaceful cooperation. Yet confrontation has been the hallmark of the euro crisis, and national opportunistic gimmicks have driven the awkward attempts to solve the crisis itself. Today, Europe is in a crisis of democracy, which Bastasin has dubbed, "the first War of Interdependence of the global age." Praise for the first edition of Saving EuropeBastasin does an admirable job in analysing the euro-zone's economic challenges and is a sure-footed guide through the seemingly endless European Union summit meetings that were supposed to resolve them. He also has an eye for the human detail that makes his sad account of institutional muddle surprisingly compelling. — Financial Times Bastasin's book is worth reading for its detailed political narrative of the eurozone crisis to date, focusing on the interaction among decision-makers in Europe's capitals. — Foreign Affairs A reconstruction that may be considered definitive. Revelations on the European negotiations are written with talent and go hand in hand with no-esoteric economic analysis and with the right amount of realism to reach the political substance. —Corriere della Sera Anyone looking for general knowledge and deeper understanding of the crisis, I can recommend a formidable analysis by Carlo Bastasin: Saving Europe. The author is a very unusual combination of a qualified economist and driven journalism. —Svenska Dagbladet
