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Macroeconomic Theory and Macroeconomic Logic: The Case of the Euro Crisis

Heiner Flassbeck ()
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Heiner Flassbeck: Flassbeck-Economics

A chapter in Economic Crisis, Development and Competitiveness in Southeastern Europe, 2016, pp 3-22 from Springer

Abstract: Abstract The last 7 years have been a tumultuous period for Europe and the unrest is far from over. The global crisis that began in 2007 led to a sharp financial shock in 2008–9, which ushered in a recession across the world. Europe—including Germany—was hit hard as credit contracted and international trade shrunk. The real crisis in Europe, however, commenced in 2009–10 as the recession induced a worsening of public finances that triggered off a gigantic crisis in the Eurozone.

Keywords: Exchange Rate; Monetary Policy; Current Account; Real Exchange Rate; Monetary Union (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1007/978-3-319-40322-9_1

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