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来源类型 | Policy Brief |
规范类型 | 简报 |
来源ID | Policy Brief12-4 |
The European Crisis Deepens | |
Peter Boone; Simon Johnson | |
发表日期 | 2012 |
出版年 | 2012 |
语种 | 英语 |
摘要 | Successive plans to restore confidence in the euro area have failed. A combination of misdiagnosis, lack of political will, and dysfunctional politics across 17 nations have all contributed to the failure so far to stem Europe's growing crisis. Proposals currently on the table also seem likely to fail. Boone and Johnson say the euro area faces two major problems: First, the introduction of sovereign credit risk has made nations and subsequently banks effectively insolvent unless they receive large-scale bailouts. Second, the ensuing credit crunch has exacerbated difficulties in the real economy, causing Europe's periphery to plunge into recession, thus increasing the financing needs of troubled nations well into the future. Five measures are needed to enable the euro area to survive: (1) an immediate program to deal with excessive sovereign debt, (2) far more aggressive plans to reduce budget deficits and make peripheral nations "hypercompetitive" in the near future, (3) supportive monetary policy from the European Central Bank, (4) the introduction of mechanisms that credibly achieve long-term fiscal sustainability, and (5) institutional change that reduces the scope for excessive leverage and consequent instability in the financial sector. |
主题 | European Union ; Banking ; Financial Crises |
URL | https://www.piie.com/publications/policy-briefs/european-crisis-deepens |
来源智库 | Peterson Institute for International Economics (United States) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/454763 |
推荐引用方式 GB/T 7714 | Peter Boone,Simon Johnson. The European Crisis Deepens. 2012. |
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文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
pb12-4.pdf(322KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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