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The euro crisis- ten roots, but fewer solutions

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  • Zsolt Darvas

Abstract

This Policy contribution was published in 'The Aftermath of the Global Crisis in the European Union' in May 2013.Many factors have contributed to the euro crisis. Some have been addressed by policymakers, even if belatedly, and European Union member states have been willing to improve the functioning of the euro area by agreeing to relinquish national sovereignty in some important areas. However, the most pressing issue threatening the integrity, even...

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  • Zsolt Darvas, 2012. "The euro crisis- ten roots, but fewer solutions," Policy Contributions 755, Bruegel.
    • Handle: RePEc:bre:polcon:755
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    References listed on IDEAS

    as
    1. Zsolt Darvas, 2011. "Debt Restructuring in the Euro Area: a Necessary but Manageable Evil?," Working Papers 1104, Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest.
    2. Jean Pisani-Ferry & Silvia Merler, 2012. "The simple macroeconomics of North and South in EMU," Working Papers 740, Bruegel.
    3. Luc Everaert & Céline Allard, 2010. "Lifting Euro Area Growth; Priorities for Structural Reforms and Governance," IMF Staff Position Notes 10/19, International Monetary Fund.
    4. Benedicta Marzinotto & André Sapir, 2012. "Fiscal rules- Timing is everything," Policy Briefs 749, Bruegel.
    5. Luc Everaert & Céline Allard, 2010. "Lifting Euro Area Growth; Priorities for Structural Reforms and Governance," IMF Staff Position Notes 10/09, International Monetary Fund.
    6. Carlo Altomonte & Tommaso Aquilante & Gianmarco Ottaviano, . "The triggers of competitiveness- The EFIGE cross-country report," Blueprints, Bruegel, number 738, June.
    7. Zsolt Darvas, 2010. "The case for reforming euro area entry criteria," Society and Economy, Akadémiai Kiadó, Hungary, vol. 32(2), pages 195-219, December.
    8. Zsolt Darvas, 2010. "Fiscal Federalism in Crisis: Lessons for Europe from the US," CERS-IE WORKING PAPERS 1021, Institute of Economics, Centre for Economic and Regional Studies.
    9. André Sapir, 2011. "A Comprehensive Approach to the Euro-Area Debt Crisis," ULB Institutional Repository 2013/174297, ULB -- Universite Libre de Bruxelles.
    10. Zsolt Darvas, 2011. "The Ten Roots of the Euro Crisis," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 12(04), pages 03-04, December.
    11. Zsolt Darvas, 2012. "Intra-euro rebalancing is inevitable but insufficient," Policy Contributions 747, Bruegel.
    12. Guntram B. Wolff, 2012. "Arithmetic is absolute- euro area adjustment," Policy Contributions 724, Bruegel.
    13. Silvia Merler & Jean Pisani-Ferry, 2012. "Who's afraid of sovereign bonds?," Policy Contributions 695, Bruegel.
    14. Zsolt Darvas, 2012. "The ECB’s magic wand," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 47(5), pages 266-267, September.
    15. Michael D. Bordo & Lars Jonung & Agnieszka Markiewicz, 2013. "A Fiscal Union for the Euro: Some Lessons from History ," CESifo Economic Studies, CESifo Group, vol. 59(3), pages 449-488, September.
    16. Alan Ahearne & Guntram B. Wolff, 2012. "The debt challenge in Europe," Working Papers 686, Bruegel.
    17. Benedicta Marzinotto & Guntram B. Wolff & Mark Hallerberg, 2011. "How effective and legitimate is the European semester? Increasing role of the European parliament," Working Papers 612, Bruegel.
    18. Ruscher Eric & Wolff Guntram B., 2013. "Corporate Balance Sheet Adjustment: Stylized Facts, Causes and Consequences," Review of Economics, De Gruyter, vol. 64(2), pages 117-138, August.
    19. Jean Pisani-Ferry & Guntram B. Wolff, 2012. "The fiscal implications of a banking union," Policy Briefs 748, Bruegel.
    20. André Sapir & Jean Pisani-Ferry & Nicolas Véron & Guntram Wolff, 2012. "What Kind of Banking Union ?," ULB Institutional Repository 2013/174288, ULB -- Universite Libre de Bruxelles.
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    Cited by:

    1. Darvas, Zsolt & Schoenmaker, Dirk & Véron, Nicolas, 2016. "Reforms to the European Union Financial Supervisory and Regulatory Architecture and Their Implications for Asia," ADBI Working Papers 615, Asian Development Bank Institute.
    2. Jäger, Jannik & Grigoriadis, Theocharis, 2017. "The effectiveness of the ECB’s unconventional monetary policy: Comparative evidence from crisis and non-crisis Euro-area countries," Journal of International Money and Finance, Elsevier, vol. 78(C), pages 21-43.
    3. Mulatu Fekadu Zerihun & Marthinus C. Breitenbach, 2017. "Panel Data Analysis of the Proposed Monetary Union in the Southern African Development Community," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 67(4), pages 23-44, October-D.
    4. Nothando Moyo, 2014. "Fundamental Flaws in the Architecture of the European Central Bank: The Possible End of the Euro Zone and its Effects to East African Community (EAC) Countries," Eurasian Journal of Economics and Finance, Eurasian Publications, vol. 2(2), pages 21-33.
    5. Jäger, Jannik & Grigoriadis, Theocharis, 2016. "Soft budget constraints, European Central Banking and the financial crisis," Discussion Papers 2016/7, Free University Berlin, School of Business & Economics.
    6. Czyżewski, Andrzej & Matuszczak, Anna & Wieliczko, Barbara, 2012. "Key conditions of supporting agriculture in the EU in the period 2014-2020," Multiannual Program Reports 164846, Institute of Agricultural and Food Economics - National Research Institute (IAFE-NRI).
    7. Haytham Y.M. Ewaida, 2016. "The European Crisis Without End: The Consequences of European Monetary Integration," International Journal of Business and Social Research, LAR Center Press, vol. 6(8), pages 15-30, August.
    8. Haytham Y.M. Ewaida, 2016. "The European Crisis Without End: The Consequences of European Monetary Integration," International Journal of Business and Social Research, MIR Center for Socio-Economic Research, vol. 6(8), pages 15-30, August.
    9. Mogaji, Peter Kehinde, 2015. "Review of Architectural Flaws of the EMU: What Eurozone Crisis Lessons for the Proposed ‘Afrozone’?," MPRA Paper 99334, University Library of Munich, Germany.
    10. Jacopo Costa & Roberto Ricciuti, 2013. "Sources for the Euro Crisis: Bad Regulation and Weak Institutions in Peripheral Europe," Working Papers 15/2013, University of Verona, Department of Economics.

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