The eurozone financial crisis: debt, credit ratings and monetary and fiscal policy

Michael Wickens ()
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Michael Wickens: University of York

Empirica, 2016, vol. 43, issue 2, No 2, 219-233

Abstract: Abstract This paper discusses the eurozone financial crisis. It argues that it was largely the result of a common monetary policy not being suitable for individual countries which led to excessive private and public borrowing and a debt crisis. Neither borrowing rates nor credit ratings anticipated the crisis. Fundamental changes to eurozone governance are being proposed. The paper examines whether instead there might be a market solution if financial markets priced risk better. Accordingly, a more timely way of obtaining credit ratings is shown.

Keywords: Monetary policy; Fiscal policy; Eurozone financial crisis; Credit ratings (search for similar items in EconPapers)
JEL-codes: E62 H30 H60 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (7)

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DOI: 10.1007/s10663-016-9335-5

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