The Eurozone Debt Crisis. Causes and Possible Solutions. The Case of Greece

Diana Sabau-Popa (), Edina Kulcsar and Eugenia Mara ()
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Edina Kulcsar: “Babeş-Bolyai” University, Cluj Napoca

Theoretical and Applied Economics, 2011, vol. 5(558)(supplement), issue 5(558)(supplement), 856-862

Abstract: This article presents the debt crisis in eurozone, which is the result of a concept error of the Economic and Monetary Union. The situation has become critical for countries such as Greece, Portugal, Ireland, Spain. The duality that characterizes nowadays the financial aspect of the European integration can be barely maintained on long term, because the Monetary and Economic Union operates with the participation of 16 member states, while the members of the eurozone remain sovereigns on their budgetary policies. Without broad structural reforms, the sustainability of the Economic and Monetary Union is questioned.

Keywords: debt crisis; budget deficit; public debt; budgetary policy. (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:856-862

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