文章基本信息

标题：THE EUROPEAN DEBT CRISIS
本地全文：下载
作者：Juraj Sipko
期刊名称：Research Journal of Economics, Business and ICT
印刷版ISSN：2045-3345
电子版ISSN：2047-7848
出版年度：2012
卷号：7
出版社：English Time Schools & Overseas Education
摘要：This paper analyzes the main macroeconomic indicators since 1995 in selected European Union countries as well as in the eurozone until 2017. By using a comprehensive comparative analysis of external account development and the public debt level, the paper found that there is a trend towards a divergence process instead of the intended real convergence process in some eurozone countries. In this regard, in line with the present stage of sustainability of public finance, the paper provides a crosscountry analysis of individual eurozone countries until 2017. The main findings of the paper are that countries that lost their competitiveness had high current account deficits, which caused fiscal deficits and led to unsustainable level of public debt in some peripheral countries. Although the creation of the European Monetary Union was a step in the right direction, some eurozone countries have permanently ignored the rules set out in the Stability and Growth Pact. Therefore, in order to avoid fiscal unsustainability and put the economy on a balanced, sustainable and strong economic growth path in the EU countries, a credible mediumterm fiscal framework for fiscal union and consolidation plan is essential. In addition, implementing structural reforms, clear commitment of individual authorities to these reforms, and a proactive policy in the decision making process, including improvement of governance on all levels of the European Union, are needed.