The Sovereign Debt Crisis: Causes and Consequences

Gunther Tichy
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Gunther Tichy: WIFO

Austrian Economic Quarterly, 2012, vol. 17, issue 2, 95-107

Abstract: The quasi-global sovereign debt crisis is currently the focus of the political debate and of media attention. The origins of the crisis have long been considered too narrowly, with often one-dimensional solutions being proposed. A somewhat more comprehensive approach was first adopted at the EU Council Meetings of October and December 2011, thereby providing a major step towards the resolution of the most pressing problems. Tighter fiscal policy and more ample resources for the stabilisation fund are important moves. Nevertheless, a lasting solution must take a broader perspective and address certain deficiencies in the setup of EMU that were brought to the fore by the uneven economic performance of its members.

Keywords: Euro; Crisis; Rating; Agencies; Ratings (search for similar items in EconPapers)
Date: 2012
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