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Die griechisch-europäische Krise: Ungleichgewichte, Finanzmärkte und die Stabilität des Euroraums
[The Greek-European Crisis: Imbalances, Financial Markets and the Stability of the Eurozone]

Author

Listed:
  • Gloede, Oliver
  • Menkhoff, Lukas

Abstract

The external imbalances in Europe have led the Europzone into a crisis. Out of three goals in international monetary policy, only two can be realized at the same time. By joining a monetary union a country has implicitly decided about these two goals. In order to stay competitive, wages and prices have to adjust to the targeted inflation rate of the common currency. This failed largely in Greek and other Southern-European countries. Thus, ending the Greek-European crisis requires a solution for this structural problem. According to the monetary union's present arrangements, full adjustment has to be taken by the Southern-European memeber states.

Suggested Citation

  • Gloede, Oliver & Menkhoff, Lukas, 2010. "Die griechisch-europäische Krise: Ungleichgewichte, Finanzmärkte und die Stabilität des Euroraums [The Greek-European Crisis: Imbalances, Financial Markets and the Stability of the Eurozone]," MPRA Paper 21566, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:21566
    as

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    File URL: https://mpra.ub.uni-muenchen.de/21566/1/MPRA_paper_21566.pdf
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    References listed on IDEAS

    as
    1. Michael Frenkel & Christiane Nickel, 2005. "How Symmetric are the Shocks and the Shock Adjustment Dynamics between the Euro Area and Central and Eastern European Countries?," Journal of Common Market Studies, Wiley Blackwell, vol. 43(1), pages 53-74, March.
    2. Oliver Gloede & Lukas Menkhoff, 2010. "Griechenlands Krise: Das währungspolitische Trilemma im Euroraum," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 90(3), pages 172-177, March.
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    More about this item

    Keywords

    International monetary policy; trilemma; European Monetary Union; Greek; Spain;
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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