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The Euro Area Crisis: A View from the North

Seppo Honkapohja ()

Journal of Macroeconomics, 2014, vol. 39, issue PB, 260-271

Abstract: The paper provides an overview of the sovereign debt crisis. I first consider the build-up of the crisis. I then discuss policy choices when a financial crisis erupts and assess the adjustment processes in the crisis countries, including alternatives to policies of austerity. Finally I take up institutional improvements that can help in resolving the current crisis and avoiding a future one. These include the banking union and the strengthened Stability and Growth Pact and related institutional rules. Current high levels of public and private debt together with still weak bank balance sheets are a major unsolved problem.

Keywords: Financial crisis; Sovereign debt; European integration (search for similar items in EconPapers)
JEL-codes: E62 E65 F36 (search for similar items in EconPapers)
Date: 2014
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Working Paper: The euro area crisis: a view form the north (2013) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jmacro:v:39:y:2014:i:pb:p:260-271

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