Articles on Issue Theme
Andrei RĂDULESCU
SSIF Broker
Four years after the start of the worst financial crisis since WWII, developed countries are confronted with the debt crisis. United States of America lost the AAA rating in August, while in Euro Area three countries (Greece, Ireland and Portugal) required financial assistance. The crisis seems to spread to other countries within Euro Area, as Italy became the target of the financial markets during this Summer. In fact, financial markets test the solidity of Euro Area. The Monetary Union in Europe faces unprecedented challenges. Among the scenarios for the future of Euro Area there can be mentioned: Political Union, break-up, or a return to the principles of the Maastricht Treaty. What were the factors behind the debt crisis in Europe? What are the short-medium term consequences of this crisis? What are the economic scenarios for the future of Euro Area? The present paper tries to find some answers to these questions and is structured as follows: first chapter treats the factors that led to the debt crisis; the second chapter studies the consequences of this crisis; the third chapter presents some scenarios for the future of Monetary Union in Europe.
ŒCONOMICA no. 3/2011
Keywords: debt crisis, European Monetary Union, structural budget deficit, potential GDP
JEL: E58, F33, G01, H63
Criza finanţelor publice în Europa
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