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Eurozone Public Debt Problem: An Analysis From The Perspective Of The Institutions And Policies

Author

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  • Ionela Baltatescu

    (Institute for World Economy, Romanian Academy, Bucharest, Romania)

Abstract

Based on a synthetic literature review, the present article summarizes the main characteristics of the Eurozone institutional setup and the related economic and political incentives that drive Eurozone governments to increase their public debts, disregarding the limits agreed in the European treatises. We propose a theoretical and qualitative approach, taking into account the general features and the nature of Eurozone institutional setup. The second and third part of the paper contains a review of the Eurozone institutional setup and its role in sovereign debt problem of Euro area while the fourth part of the paper carries out a concise analysis of some proposed strategies and policy tools to fight Eurozone debt problem: ECB bond buying, EFSF/ESM leverage, Eurobonds and Euro-TARP.

Suggested Citation

  • Ionela Baltatescu, 2013. "Eurozone Public Debt Problem: An Analysis From The Perspective Of The Institutions And Policies," Global Economic Observer, "Nicolae Titulescu" University of Bucharest, Faculty of Economic Sciences;Institute for World Economy of the Romanian Academy, vol. 1(1), pages 83-92, May.
    • Handle: RePEc:ntu:ntugeo:vol1-iss1-13-083
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    More about this item

    Keywords

    public debt; fiscal union; Eurobonds; ECB bond buying; Euro-TARP;
    All these keywords.

    JEL classification:

    • H6 - Public Economics - - National Budget, Deficit, and Debt
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H69 - Public Economics - - National Budget, Deficit, and Debt - - - Other
    • H7 - Public Economics - - State and Local Government; Intergovernmental Relations
    • H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing
    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism
    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts
    • H87 - Public Economics - - Miscellaneous Issues - - - International Fiscal Issues; International Public Goods

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