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The euro crisis: a view from the North

Seppo Honkapohja ()

No 12/2013, Research Discussion Papers from Bank of Finland

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. Publication keywords: financial crisis, sovereign debt, European integration, E62, E65, F36, Seppo Honkapohja

JEL-codes: E62 E65 F36 (search for similar items in EconPapers)
Date: 2013-06-28
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Published in Published in Journal of Macroeconomics, Volume 39, Part B, March 2014, Pages 260-271

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