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Sovereign debt crisis of the euro area member states

Author: XuXin
Tutor: DingChun
School: Fudan University
Course: World economy
Keywords: Sovereign Debt Crisis Greece Euro Zone
CLC: F815
Type: Master's thesis
Year: 2010
Downloads: 584
Quote: 1
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Abstract


The single Euro and monetary policy has been paid close attention to among the schlolarly on economics. After Euro came into birth, the different fiscal policies and the distinct economic and political conditions among Euro zone member states led to the ineffectiveness of monetary policy, which absolutely would lead to members’different paces facing the economic crisis.The sub-crime crisis in 2008 shocked the whole European Economy. For those countries like Greece, Spain, Portugual, etc., debts became increasingly large. In late 2009, the Sovereign Debt Crisis happened in Greece, which produced a negative wave for other Euro zone members.The essay nut much emphasis on the birth and nrocess of Sovereign Debt Crisis. The author firstly introduces the sovereign debt and theories, reasons and description for breaching. On the basis of the above, it is analysed that how Greece was trapped into the crisis, that the main features Greece showed in the crisis:large amounts of debts, high fiscal deficit and more relying on the international bond market.The essay demonstrates that the reasons for Sovereign Debt Crisis are based on two aspects. One is that the single monetary policy has fought against fiscal policies on the state level and European authorities has no effective measures in preventing member states from making expansionary fiscal policies go too far away. Another is that member states had no control on the higher labour cost when debts grew larger. On the same time, the author discusses the negative influence of Sovereign Debt Crisis on the whole Euro zone, especially for Ireland, Spain and Portugual which have been traditionally having high deficit. However, the influence was little for some other countries.In spite of the establishment of system for member states which have performed under the standard fiscal level to have self-quit and driven away, the author the crisis has no relationship with Greece’s getting out of Euro zone or European Union. On the opposite, European Central Bank, European Investment Bank, European Structural Fund, International Monetary Fund should offer support of direct financing for member states, invest in the infrastructures and publise bonds so as to save members from suffering much severer crisis.China should pay much attention the Sovereign Debt Crisis for Euro zone together with requirements for economic development after post-crisis times. The essay points out that Sovereign Debt Crisis would influence the mid-term and long-term macroeconomic conditions and exports for China. And China should hold prudent policies for foreign exchange management and avoid joining in the monetary cooperation system too much earlier.

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CLC: > Economic > Fiscal, monetary > Finance, the state's financial
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