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Strona główna » The crisis in the euro area
The crisis in the euro area
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The EU passes the last wave of crises related to the problem of refugees, Brexit, crisis in the euro area. The crisis in the euro area was the first sign of the problems in the EU; it began with the global financial crisis in 2008, that affected also the economies of member countries. The book investigates the causes of the crisis in the euro area in order to seek the best methods for its overcoming. The analysis takes into account the experiences of four countries the most affected by the economic downturn (Greece, Ireland, Portugal and Spain). The experience of these countries shows that the fight against the crisis must be accomplished on by effective coordination of economic policies, but not only by individual austerity programs. Coordination should include monetary affairs as well as fiscal and structural policy. The need for a coordination of economic policy in euro area arises from growing spillover effects in the single market. To avoid the future crisis, the EU have to be reformed towards new institutional arrangements. The EU need new ideas of cooperation, to improve mechanism of European integration and to achieve new benefits. All proposed steps against the crisis in the euro area are mutually collateral: monetary integration requires fiscal coordination, ECB bailout program provides partly mutualisation of debts, monetary and fiscal integration requires banking union with common rules of deposit insurance; all of them require new budget and intuitional competence to provide optimal economic policy in all euro area. No institutional reforms in the EU means acceptance of the inherent fragility and potentially break up of euro area.
Ilość stron 416 stron
Wydawnictwo Instytut Wydawniczy EuroPrawo
ISBN 978-83-7627-147-7
Data publikacji 2017-05-08
Język angielski
Content 5
Introduction 7
Chapter 1. The types and causes of economic crises 15
1.1. The concept of crisis 15
1.2. Causes of crises 22
1.3. Reasons of crisis in the eurozone 33
1.4. Methods to combat the economic crisis 38
Chapter 2. The euro area and theory of ‘optimum currency areas’ 49
2.1. The theory of R. Mundell of currency area 49
2.2. The McKinnon’s Refinement of Currency Area Theory 57
2.3. Kenen’s eclectic view on Currency Area 63
2.4. Grubel’s model of a currency area 67
2.5. Fiscal and monetary policy in the euro area 71
2.6. Employment and monetary policy in the euro area 76
2.7. Optimal size of the euro area 78
2.8. Benefits and costs of exchange rate policy: Fixed versus flexible regimes 81
2.9. The euro’ peripheral members as an optimal currency area 90
Chapter 3. Pro and cons the euro area 109
3.1. From EMS to EMU 111
3.2. Transition from European Monetary System to European Monetary Union 121
3.3. The European System of Central Banks 132
3.4. The benefits of the euro area 137
3.5. The costs of the euro area 145
Chapter 4. The crisis in euro area member’s countries 153
4.1. The economic crisis in Greece 155
4.1.1. Foreign aids for Greece 163
4.1.2. The policy to overcome the crisis in Greece 170
4.2. The economic crisis in Spain 187
4.3. The economic crisis in Portugal 201
4.4. The economic crisis in Ireland 222
4.5. Methods to combat the economic crisis in Greece, Ireland, Portugal and Spain 231
4.5.1. Fiscal consolidation 232
4.5.2. Structural reforms 233
4.5.3. Banking sector reforms 234
Chapter 5. The EU anti-crisis policy and future of the euro area 237
5.1. The euro area economies and global tilt of production and income 238
5.2. The EU institutional crisis 244
5.3. The debts crisis in the euro area 259
5.4. The costs of the EMU insolvent 276
5.5. Reforms of the euro area 280
5.6. Coordination of anti-crisis methods 293
5.7. The tax changes of the EU countries during the crisis 307
5.8. Perspective of EMU 369
Conclusions 393
Bibliography 403