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Das schwere Erbe der europäischen Sparprogramme

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  • Paul DeGrauwe
  • Yuemei Ji

Abstract

In this contribution it is argued, first, that the improvement in the eurozone business cycle is the result of the ECB’s announcement of its Outright Monetary Transaction (OMT) programme, and second, that austerity has left a legacy of unsustainable debt levels that will test the political resilience of the debtor countries. In diesem Beitrag wird erstens die These aufgestellt, dass die konjunkturelle Erholung in der Eurozone allein auf die Ankündigung des OMT-Programms (Outright Monetary Transactions) durch die EZB zurückzuführen ist. Zweitens wird dargelegt, dass die Sparpolitik eine nicht tragbare Verschuldung hinterlässt, die die politische Belastbarkeit der Schuldnerländer auf die Probe stellen wird.

Suggested Citation

  • Paul DeGrauwe & Yuemei Ji, 2013. "Das schwere Erbe der europäischen Sparprogramme," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 82(4), pages 181-188.
    • Handle: RePEc:diw:diwvjh:82-4-11
    DOI: 10.3790/vjh.82.4.181
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    References listed on IDEAS

    as
    1. Mr. Daniel Leigh & Mr. Andrea Pescatori & Mr. Jaime Guajardo, 2011. "Expansionary Austerity New International Evidence," IMF Working Papers 2011/158, International Monetary Fund.
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    More about this item

    Keywords

    Austerity; debt restructuring; Fallacy of composition;
    All these keywords.

    JEL classification:

    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • F3 - International Economics - - International Finance

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