G2TT
来源类型Policy Brief
规范类型简报
来源IDPolicy 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
URLhttps://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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