THE EFFECTS OF THE ECONOMIC CRISIS ON THE PUBLIC DEBT OF THE MEMBER STATES OF EUROPEAN UNION

Maria Cristina Stănescu ()
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Maria Cristina Stănescu: Romanian American University, Bucharest

Romanian Economic Business Review, 2013, vol. 8, issue 1, 7-18

Abstract: This paper propose to analyze the causes and effects of the economic crisis on public debt of Member States of the European Union and the measures undertaken by specialized authorities of the countries affected by the sovereign debt crisis. Much of the blame for the debt crisis can be attributed to irresponsible fiscal policies practiced by some EU Member States, and another part due to reckless bank lending practices. Fiscal discipline is one of the key elements of macroeconomic stability and this is especially relevant in a monetary union and the euro area, composed of sovereign states retain their tax liability policies. In the euro area, monetary policies and exchange rates are no longer able to cope with country-specific imbalances.

Keywords: crisis; public debt; gross domestic product; euro-zone (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:rau:journl:v:8:y:2013:i:1:p:7-18

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