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来源类型External Publication
规范类型其他
Policy Lessons from the Eurozone Crisis
Guntram B. Wolff; Silvia Merler; Chiara Angeloni
发表日期2012-12-13
出版年2012
语种英语
概述Co-authored by Chiara Angeloni and Silvia Merler. The current European crisis has shed light on several weaknesses and the institutional incompleteness characterizing the euro area. The manifestation of Europe's fragility was preceded by a large build-up of debt in the private sector, associated with national current account divergences and the deterioration of competitiveness particularly of the euro periphery countries. With the economic situation deteriorating, private sector debt became less credible, contaminating banks’ balance sheets and placing a heavy burden on governments. A sovereign-bank vicious circle emerged: on the one hand, with banking risk translating into higher sovereign risk because of the governments’ guarantor role and, on the other hand, with the deterioration of government's creditworthiness affecting the banking systems through banks’ sovereign bond holdings. In principle, this negative feedback can be stopped by breaking one of the channels of transmission. A banking union at the European level is proposed as one solution.
摘要

Co-authored by Chiara Angeloni, Silvia Merler and Guntram Wolff.

The current European crisis has shed light on several weaknesses and the institutional incompleteness characterizing the euro area. The manifestation of Europe’s fragility was preceded by a large build-up of debt in the private sector, associated with national current account divergences and the deterioration of competitiveness particularly of the euro periphery countries. With the economic situation deteriorating, private sector debt became less credible, contaminating banks’ balance sheets and placing a heavy burden on governments. A sovereign-bank vicious circle emerged: on the one hand, with banking risk translating into higher sovereign risk because of the governments’ guarantor role and, on the other hand, with the deterioration of government’s creditworthiness affecting the banking systems through banks’ sovereign bond holdings. In principle, this negative feedback can be stopped by breaking one of the channels of transmission. A banking union at the European level is proposed as one solution.

Published in ‘The International Spectator: Italian Journal of International Affairs’. See the original publication in English here.

主题European Macroeconomics & Governance ; Global Economics & Governance
URLhttps://bruegel.org/2012/12/policy-lessons-from-the-eurozone-crisis/
来源智库Bruegel (Belgium)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/429395
推荐引用方式
GB/T 7714
Guntram B. Wolff,Silvia Merler,Chiara Angeloni. Policy Lessons from the Eurozone Crisis. 2012.
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