Die griechisch-europäische Krise: Ungleichgewichte, Finanzmärkte und die Stabilität des Euroraums

The Greek-European Crisis: Imbalances, Financial Markets and the Stability of the Eurozone

Oliver Gloede and Lukas Menkhoff

MPRA Paper from University Library of Munich, Germany

Abstract: The external imbalances in Europe have led the Europzone into a crisis. Out of three goals in international monetary policy, only two can be realized at the same time. By joining a monetary union a country has implicitly decided about these two goals. In order to stay competitive, wages and prices have to adjust to the targeted inflation rate of the common currency. This failed largely in Greek and other Southern-European countries. Thus, ending the Greek-European crisis requires a solution for this structural problem. According to the monetary union's present arrangements, full adjustment has to be taken by the Southern-European memeber states.

Keywords: International monetary policy; trilemma; European Monetary Union; Greek; Spain (search for similar items in EconPapers)
JEL-codes: F33 (search for similar items in EconPapers)
Date: 2010-03-23
New Economics Papers: this item is included in nep-cba and nep-ger
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:21566

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