Resumen

PANICO, Carlo. The causes of the debt crisis in Europe and the role of regional integration. Inv. Econ [online]. 2010, vol.69, n.274, pp.43-62. ISSN 0185-1667.

The paper examines the main explanations of the recent speculative attacks against the government debts of some European Monetary Union (EMU) countries. It argues that the attacks have been favored by the faults in the institutional organization of the EMU and concludes that it is inevitable to complete the process of regional integration in the euro area. Only these reforms can offer some EMU countries a way out from the current unsustainable situation and avoid further problems. The EMU should set up a European Fiscal Agency to make the process of coordination between monetary and fiscal policies pragmatic and effective, a European Development Agency to counter-act the inevitable widening of the gaps between the richer and poorer economies, and a permanent Monetary Stabilization Funds to discourage in advance any speculative attack against the euro economies.

Palabras llave : regional integration; government debt; policy coordination; financial markets; growth and stability.

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