Abstract

WEBER, Christoph S.. The Euro crisis: Causes and symptoms. Estud. front [online]. 2015, vol.16, n.32, pp.150-172. ISSN 2395-9134.

The Euro crisis is mainly a consequence of the international financial crisis of 2008. Thereby, the term Euro crisis is misleading as there is no currency crisis. First, the article shows some of the birth defects of the Euro. Second, it shows that the increase in public debt was caused by rescue measures for banks and anti-cyclical fiscal policy. Third, we argue that the Euro crisis is not just one crisis (a sovereign debt crisis) but it is a combination of several macroeconomic crises including a growth crisis, a labour market crisis, a public debt crisis, and a current account crisis.

Keywords : Euro crisis; financial crisis; sovereign debt crisis; unemployment; balance of payment imbalances.

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